Journal Entry
This query is : Resolved
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.
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
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
03 October 2016
What if...I have received a cheque on 1/10/16 and
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
03 October 2016
What entry we will pass on 1/10/16 & 4/10/16
03 October 2016
pass entry on .01.10.2016
the entry I said above.
03 October 2016
Okay...Thank you Sir...
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.
When Cheque clears, Debit Bank and Credit Cheques on Hand.
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