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Answer in one sentence: What is bank overdraft? - Book Keeping and Accountancy

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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The amount withdrawn by the current account holder in excess of the balance in his current account up to a predetermined limit decided by the bank on the basis of pre decided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.

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Chapter 6: Bank Reconciliation Statement - Exercises [Page 204]

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Balbharati Book Keeping and Accountancy [English] Standard 11 Maharashtra State Board
Chapter 6 Bank Reconciliation Statement
Exercises | Q 1. 3. | Page 204
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