what is the diffrence between bank o/d & bank occ?
Answer / h.r. sreepada bhagi
A business entity can open a Current A/c or Cash Credit A/c
(CC) with a bank. When the bank allows the borrower to draw
money in excess of the balance in the current A/c to tide
over a short term working capital requirement, the amount
drawn in excess of the balance in the A/c is called
'Overdraft' or OD.
Where as in case of Cash Credit A/c the borrower can
regularly utilise funds up to the sanctioned limit. Cash
Credit is a working capital facility provided by the banker
to the borrower. Bank will charge interest on overdraft
amount or the cash credit a/c at the agreed or prevailing
bank rate. So long as the Current A/c is not overdrawn, the
balance in it appears under Current Assets & the balance in
the CC A/c appears under Current Liabilities. Overdraft in
teh Current A/c will also appear under Current Liabilities.
OCC means Open Cash Credit.
Is This Answer Correct ? | 66 Yes | 5 No |
What is cost accountancy? What are the objects of cost accountancy?
what is difference between bill and invoice
Calculation of closing Stock give example?
25 Answers ABC, Accounting, Crossdomain, EDS, FAIM, Set Trade,
Hi Everyone, We purchased the Goods from other state, and I am liable for Entry Tax, my entry Tax is deposited in bank before 15th of every month. Now my questtion is : I purchase the Packing Items from other state but I return the same to suplier should it require entry tax deposit or not for this items. please explain
what is the difference between accounting and finance?
What will be journal entry of cost of goods sold.
21 Answers Cura HealthCare, Ernst Young,
What is the entry for bank guarantee,
7 Answers Karadi Path, Levtech Consulting,
I would like to know about work in progress, when we will debit WIP under Asset a/c head in balance sheet, the credit will be allocated under in which accounting head? whether its under purchase a/c or income a/c ? expecting detail explanation?
How would you encourage team building unit for effeciency in the office?
Accounting periode is normaly one year, bot accounting periode is for 5 year is possible or not?plz list the name of organistaion whose accounting periode is 5 year
WHAT IS BRS
work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,000/- will be debited under current asset a/c but the credit would under which account.and next year what will be the entry.please answer me in detail.