Hi
I would like to know what is journal entry for buying securities with Margin Trading I mean 50% of cost is paid by broker.
2nd question is when we withdraw extra money from the balance we have in bank account which means our balance become (-) what is journal entry for that, should I just credit the bank or should I put the extra money with-drawled as a liability account ?
Thank you in advance!
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Answer / Aditya Veer
When you withdraw extra money from your bank account and it results in an overdraft, here's a sample journal entry:
1. Debit Cash (Asset) - $extra_money_withdrawn
2. Credit Overdraft Payable (Liability) - $extra_money_withdrawn
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