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How bank overdraft is an liability?

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How bank overdraft is an liability?

Posted by Ishita Dhir 6 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 6 years, 6 months ago

Bank overdraft is a liability. Bank overdraft is a negative bank balance which refers to excess money as compared to the amount deposited, has been withdrawn from the bank. Account. The business organisation has to repay the excess money withdrawn from the bank, and hence it is a liability for the business.

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