What is entry for Interest collected by bank od account
Mayson (Others) (35 Points)
08 July 2015Mayson (Others) (35 Points)
08 July 2015
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 14 July 2015
A Company may have various a/c viz., Cash Credit, O D,Current A/c & so on. If we want to maintain Interest incurred on the paritucular a/c where we have more than one a/c we may open as follows:
O D Interest a/c
Interest - C A A/c
It will enable how much interest paid to the Bank at the end of a particular period.