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प्रश्न
What will be the effect of interest charged by the bank, if the balance is an overdraft?
टिप्पणी लिखिए
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उत्तर
The bank has to cover the cost of running the customer’s account. So debit is given to the account of the business towards bank charges. Also, if the business had taken any loan or overdrawn, interest has to be paid by the business. These entries for bank charges and interest are made in the bank statement. But, the entry is made in the cash book only when the bank statement is received by the business. Till then, the Cash book shows more balance than bank statements.
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