Maharashtra State BoardHSC Arts (English Medium) 11th
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Answer in one sentence: What is bank overdraft? - Book Keeping and Accountancy

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One Line Answer

Answer in one sentence:

What is bank overdraft?

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Solution

The amount withdrawn by the current account holder in excess of the balance in his current account up to a predetermined limit decided by the bank on the basis of pre decided conditions, is known as Bank Overdraft.

Concept: Types of Bank Documents
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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 6 Bank Reconciliation Statement
Exercises | Q 1. 3. | Page 204
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