received a bearer cheque for 15000 from dhanraj
1> bank a/c ......... dr
to Dhanraj's a/c
OR
2 > cash a/c ......... dr
to dhanraj's a/c
please comment on this with reasons
ANKIT PUNAMIYA (STUDENT) (94 Points)
02 August 2012received a bearer cheque for 15000 from dhanraj
1> bank a/c ......... dr
to Dhanraj's a/c
OR
2 > cash a/c ......... dr
to dhanraj's a/c
please comment on this with reasons
vaisagh menon k
(B.COM,C.A FINAL)
(211 Points)
Replied 02 August 2012
IF DHANRAJ IS DEBTOR
bank a/c ......... dr
to Dhanraj's a/c
bank is debited because money comes to bank
dhanraj is credited to cancel the current debit balance upto received amount
ANKIT PUNAMIYA
(STUDENT)
(94 Points)
Replied 02 August 2012
think again bcoz in most of the textbooks its given as cash and not bank i think the reason would be bearer cheque bcoz it can be encashed immediately at the counter what do u think?
Dev
(Article Trainee.)
(613 Points)
Replied 02 August 2012
mahendra jangid
(Dy. General Manager (Finance))
(444 Points)
Replied 02 August 2012
If you took the cheque directly to bank and withdrew cash then
Cash Dr
To Dhanraj (if he is a Debtor)
If cheque deposited into bank (with or without crossing) into bank then
Bank A/C Dr
To Dhanraj (if he is a Debtor)
Authors of various books can take either of them. Both are correct. At professonal exam level, you may put a note clarifying above position.
Varshit Shah
(Self Employed)
(676 Points)
Replied 02 August 2012
Practically it depends where you have deposited this amount :
For eg : If you got cash from the Cheque issuing bank , & u have not deposited same into the bank then it will be ,
Cash A/c..................Dr
To Debtor A/c
Becuse if you added to your petty cash book i.e. your cash got increased by this much figure.
Now Case 2 :
You got the cheque encashed , & deposited the entire amount to Bank :
Then :
Cash.............Dr
To Debtor
ANS
Bank..........Dr
To Cash
OR
Bank.......Dr
to Debtors
Varsh*t Shah
Bhaavna
(Queen )
(1933 Points)
Replied 02 August 2012
Originally posted by : Varsh*t Shah | ||
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Practically it depends where you have deposited this amount : For eg : If you got cash from the Cheque issuing bank , & u have not deposited same into the bank then it will be , Cash A/c..................Dr To Debtor A/c Becuse if you added to your petty cash book i.e. your cash got increased by this much figure. Now Case 2 : You got the cheque encashed , & deposited the entire amount to Bank : Then : Cash.............Dr To Debtor ANS Bank..........Dr To Cash OR Bank.......Dr to Debtors Varsh*t Shah |
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yes i agree with shah
A. Mukherjee
(CA Student)
(65 Points)
Replied 03 August 2012
ANKIT PUNAMIYA
(STUDENT)
(94 Points)
Replied 03 August 2012
thank you all for participating in this discussion
DEEPA VYAS
(CA )
(2039 Points)
Replied 07 August 2012
On receipt of cheque , the entry will be
Cash A/c Dr
To Debtors A/c
on deposit of cheque to bank, it will be
Bank A/c Dr
To cash A/c
Coz if we have cheque in hand it is treated as Cash in hand only when we deposit cheque in bank then only amt comes in bank a/c
Niyas nichu
(Bangalore)
(2 Points)
Replied 08 September 2016
if you receive cheque from debtor. journal entry id
CHEQUE IN HAND A/C DR..
TO DEBTORS A/c
deposit into the bank. journal entry is
CASH/BANK A/C DR.
TO CHEQUE IN HAND A/C
Niyas nichu
(Bangalore)
(2 Points)
Replied 08 September 2016
if you receive cheque from debtor. journal entry is
CHEQUE IN HAND A/C DR..
TO DEBTORS A/c
deposit into the bank. journal entry is
CASH/BANK A/C DR.
TO CHEQUE IN HAND A/C
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)