what is the entry for interest due on bank overdraft 2,000 in double column cash book
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Answer:
Interest A/c Dr. 2000
To cash A/c. 2000
Explanation:
Since interest is due to bank by us so we have to pay it and it takes the form of nominal account which says "All expense debit and all incomes credit" so here interest is an expense and cash is going out so it will be credited
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