CA Poojit Khajuria (Practice) (99 Points)
07 May 2013Can anyone tell me how to reverse entry for Cheques issued in the previous year but not presented to Bank for Clearing. Respective Expenses accounts are Debited & Audit Reports are also prepared. So how to reverse the same? Kindly reply asap.
Thanks in advance
CA Mohit Garg
(CS Student)
(213 Points)
Replied 07 May 2013
You should create a liability for that amount.
As it may be paid later on.
CA JIMI S PATEL
(ACCOUNT INCHARGE - GUJARAT REGION)
(98 Points)
Replied 10 May 2013
Bank A/c Dr.
to Respected parties A/c ( Who do not present cheque)
This parties are under head ( Sundry Creditor for Expenses).
Manoj
(Service)
(21 Points)
Replied 11 May 2013
CAclubindia
