What is bank reconcilation a/c
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Answer Posted / viswanatha reddy
What happens here is withdrawls from the bank exceed
deposits. The lending institution, usually the bank, would
allow an extension of credit in such a case. The company is
usually expected to pay within short-term and it results in
negative balance in company's bank account. That is the
reason for the overdraft being classified as a current
liability.
| Is This Answer Correct ? | 2 Yes | 8 No |
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