Question

bank overdraft account is a​

Answer 1

Basic Knowledge about Bank Overdraft

Explanation:

Bank Overdraft is a facility to a customer by the bank.  When Customer becomes old and Familiar to bank and its transactions are Normally

Occur , then Bank Give Facility to Customer to drawn a cheque more than available balance. this is called bank Overdraft.

bank Overdraft is Current Liability .It is more Liquid as equal to cash

for category wise we can further classify into 2 category

1. Traditional Approach or Golden rule of Account

2. Modern approach or Basic Rule or Universal Rule

• Under Traditional Approach it is come under Personal Account

      Debit the Receiver, Credit the giver

• Under Modern Approach It is come Under Liability head and follow the rule of Increase is liability result in Credit and Decrease in Liability result in (Debit)

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