Cheques issued on 5.10.2010 is not presented for payment till 31.3.2011. the cheque issued will become stale on 5.4.2011. So is it required to reverse the entry on 31-3-2011 as per AS -4 or any disclosure is required. Further it is known before the finalisation of Balance sheet that the same cheque is not debited by bank in April month also. What will be its treatment?
1 Replies
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 22 June 2011
Yes, it is required to be reversed if it is known that the cheque has become stale before finalisation of the accounts.
no disclosure required for it.
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