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April 24, 2026, 10:56:55 pm
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Author Topic: Bank Title  (Read 1679 times)  Share 

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airline

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Bank Title
« on: June 09, 2009, 09:24:16 am »
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If you have a bank overdraft and are asked to prepare a balance sheet, should you report the bank account as "Bank Overdraft" or simply "Cash at Bank" in the current liability section?
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Nelle

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Re: Bank Title
« Reply #1 on: June 09, 2009, 09:26:49 am »
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I think it would be bank overdraft
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mtwtfss

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Re: Bank Title
« Reply #2 on: June 09, 2009, 09:41:32 am »
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Yup^
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Flaming_Arrow

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Re: Bank Title
« Reply #3 on: June 09, 2009, 10:03:39 am »
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Quote from: airline on June 09, 2009, 09:58:21 am
What about the title of a GST Settlement in the details column of the cash payments journal?

GST clearing
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chris1991

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Re: Bank Title
« Reply #4 on: June 09, 2009, 10:51:39 am »
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Bank Overdraft-I thought it was bank, but it was in the answers of a few prac exams that it was overdraft.

And yeh its GST Clearing in the cash payments journal not GST settlment. I got that wrong on a practice exam, but it is the ledger account name that goes into the details column of the CPJ, therefore making it GST clearing.
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2008:
Legal (37)

2009:
English, Further, Accounting, P.E, Business
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