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cheque Bounce

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(Querist)
20 August 2008 On 28/03/2008 company received a cheque as compensation which is income in the Balance Sheet of 2007-08 but this cheque send back by bank as unpaid on 03/04/2008. Now company can reduce the income of last year Balance Sheet or book expenses in current year?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
21 August 2008 In case the amount is not recoverable then it will have to be reversed in the last year itself.
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Ravi Kumar Rajgaria

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Ravi Kumar Rajgaria (Querist)
21 August 2008 Let suppose a suit will be filed for recovery then?
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
21 August 2008 You should not reverse the Income. The party account may be debited by passing the entry for the bouncing of cheque.

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