Cheque
This query is : Resolved
05 August 2019
Hi dear
How are you
1. My question that one bill generate 10000
Party name Subham tiwari and same time after Cheque give Rohit name when to bill generate subham name how jarnal entry
How are you
1. My question that one bill generate 10000
Party name Subham tiwari and same time after Cheque give Rohit name when to bill generate subham name how jarnal entry
05 August 2019
tiwari ji
your question is not clear.
Message likes :
1 times
19 July 2024
Hello! I'm here to help. Based on your question, it seems like you're asking about the journal entry to record a transaction where a bill is issued to one party (Subham Tiwari) but a cheque is received from another party (Rohit).
Here’s how you would record this transaction in your books:
### Journal Entry:
When the bill is generated in the name of Subham Tiwari:
1. **To record the sale or service rendered:**
- Debit: Accounts Receivable - Subham Tiwari
- Credit: Sales or Service Income
```
Accounts Receivable - Subham Tiwari Dr.
To Sales (or Service Income) Cr.
```
2. **When the cheque is received from Rohit:**
- Debit: Bank Account (or Cash Account if cash is received)
- Credit: Accounts Receivable - Subham Tiwari
```
Bank Account (or Cash Account) Dr.
To Accounts Receivable - Subham Tiwari Cr.
```
### Explanation:
- **First Entry (Bill to Subham Tiwari):**
- This records the sale or service provided to Subham Tiwari, creating an account receivable from Subham Tiwari.
- **Second Entry (Cheque from Rohit):**
- When you receive the cheque from Rohit, you debit your bank account (or cash account) to record the receipt of funds.
- You credit the accounts receivable account related to Subham Tiwari to reduce the amount owed by Subham Tiwari.
### Additional Notes:
- Ensure that the amounts and accounts used in the journal entries correspond accurately to your business transactions.
- It’s important to maintain proper documentation for both transactions to support the journal entries, including invoices, bills, receipts, and bank records.
If you have more specific details or different circumstances, feel free to provide more information, and I can adjust the response accordingly!
Here’s how you would record this transaction in your books:
### Journal Entry:
When the bill is generated in the name of Subham Tiwari:
1. **To record the sale or service rendered:**
- Debit: Accounts Receivable - Subham Tiwari
- Credit: Sales or Service Income
```
Accounts Receivable - Subham Tiwari Dr.
To Sales (or Service Income) Cr.
```
2. **When the cheque is received from Rohit:**
- Debit: Bank Account (or Cash Account if cash is received)
- Credit: Accounts Receivable - Subham Tiwari
```
Bank Account (or Cash Account) Dr.
To Accounts Receivable - Subham Tiwari Cr.
```
### Explanation:
- **First Entry (Bill to Subham Tiwari):**
- This records the sale or service provided to Subham Tiwari, creating an account receivable from Subham Tiwari.
- **Second Entry (Cheque from Rohit):**
- When you receive the cheque from Rohit, you debit your bank account (or cash account) to record the receipt of funds.
- You credit the accounts receivable account related to Subham Tiwari to reduce the amount owed by Subham Tiwari.
### Additional Notes:
- Ensure that the amounts and accounts used in the journal entries correspond accurately to your business transactions.
- It’s important to maintain proper documentation for both transactions to support the journal entries, including invoices, bills, receipts, and bank records.
If you have more specific details or different circumstances, feel free to provide more information, and I can adjust the response accordingly!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
