Hi Experts,
If i receive cheque from unknow parties how to account the same in my books.
Requesting your suggestion.
Regards,
Prabhu
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 29 August 2013
Dear Prabhu,
How did this happen? the assessee must have any info. whether it is his revenue/loan taken/loan disbursed etc.... and if no clue regarding that, then create a suspense A/c, but the problem would be in regards to determination of nature of receipt i.e. revenue/loan etc...
CA. Nishant Jain
(Audit Executive)
(411 Points)
Replied 30 August 2013
Dear Prabhu,
With regards to your querry, following remedies are available:
Bank A/c .......Dr.
To Sundry - Suspense A/c
2. In case of No Information, you have no other option then to pass the following entry
Bank A/c.........Dr.
To Suspense A/c
Suspense A/c will be adjusted accordingly on receipt of proper information.
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 September 2013
Check the ledgers of sundry balance written off of the previous years. It could be a payment from a client whose balance was writen off in the previous years.
harishmaheshwari
(B.Com)
(32 Points)
Replied 06 September 2013
Dear Prabhu
You can keep the amount in Suspence Account for whole of the year.
Only when the year is going to end, you have to decide whether you want to adjust the same as Income in that year or would like to carry forward it to next year by transferring the same in Creditors/Advance Received from Customers so that the same can be adjusted in later years.
thanks
Harish
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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