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post dated cheques

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(Querist)
01 July 2008 hi,
can u tell me what are the consequences of issuing post dated cheques.. which s accepted by the company from its customers.. also pls clarify from audit point of view..
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
01 July 2008 Consequences for whom?
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shubha

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shubha (Querist)
01 July 2008 for the company..wen they accept post dated chqs
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shubha

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shubha (Querist)
02 July 2008 pls reply
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Santosh Mishra

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Santosh Mishra (Expert)
03 July 2008 Treatment depends upon the type of Customer. If the company have regular transactions with the concerned customer then there will be no seperate disclosure or other requirement. Just the party ledger' ll be credited by debiting the Cheque in Hand Account.

However if the customer was classified as debtors without raising any bill then same may be taken as Advances from parties.
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