Can 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
You should create a liability for that amount.
As it may be paid later on.
Bank A/c Dr.
to Respected parties A/c ( Who do not present cheque)
This parties are under head ( Sundry Creditor for Expenses).
T R SOOD & CO
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CMNITY HIRE
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CAclubindia
