Cheque issued but not clear
This query is : Resolved
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
It should be treated as a stale cheque and a reversal entry will have to be passed.
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.
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