12 May 2008
We have issued a cheque to a party for Rs. one lac in October, 2007.Till May, 2008 the cheque is not deposited and 6 months passed.What will be the accounting entries in books and when?Should any entry have to make in march, 2008 as per AS-4 etc.
12 May 2008
Since you have passed entry for payment in in Oct07. you should pass the reversal entry on date of expiry of validity pariod i.e. of six month.
CAclubindia
