Journal Entry

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Krishnendu Dhabaldeb (Querist)
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03 October 2016 Respected Sir/Ma'am, What will be the Journal entry for the following narration. Received a cheque of Rs.2000 from a Debtor. Kindly provide a solution.

Ankur Singhal

Ankur Singhal (Expert)
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03 October 2016 dear no entry in case of cheque received . entry will be made at the time when cheque is cleared. bank a/c dr to debtor

Krishnendu Dhabaldeb

Krishnendu Dhabaldeb (Querist)
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03 October 2016 Yes Sir I agree with you that the bank will be debited when the cheque is presented & cleared by the bank but

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Krishnendu Dhabaldeb

Krishnendu Dhabaldeb (Querist)
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03 October 2016 What if...I have received a cheque on 1/10/16 and

Krishnendu Dhabaldeb

Krishnendu Dhabaldeb (Querist)
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03 October 2016 and the cheque was not presented to bank on the same day...it was presented in front of bank on 4/10/16

Krishnendu Dhabaldeb

Krishnendu Dhabaldeb (Querist)
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03 October 2016 What entry we will pass on 1/10/16 & 4/10/16

Ankur Singhal

Ankur Singhal (Expert)
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03 October 2016 pass entry on .01.10.2016 the entry I said above.

Krishnendu Dhabaldeb

Krishnendu Dhabaldeb (Querist)
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03 October 2016 Okay...Thank you Sir...

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Anand

Anand (Expert)
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06 October 2016 if you want you can Debit "Cheques on Hand" and Credit your Debtor.
When Cheque clears, Debit Bank and Credit Cheques on Hand.

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Journal Entry

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