accounting entry for payments made through self cheques
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05 June 2010
hi...
I would like to know the accounting entry for payment made through self cheque. Is the following entry correct?
Cash A/c Dr.
to Bank A/c
Expense A/c Dr.
to Cash A/c
We have to route it through bank A/c?
I would like to know the accounting entry for payment made through self cheque. Is the following entry correct?
Cash A/c Dr.
to Bank A/c
Expense A/c Dr.
to Cash A/c
We have to route it through bank A/c?
05 June 2010
From the question i understood that you have given self cheque to your creditor on account of some expenses incurred instead of writing the cheque at his name.
If that is the case, you can make the following entry:
Expense a/c Dr.
To Bank a/c
And write proper narration to clarify the transaction
If that is the case, you can make the following entry:
Expense a/c Dr.
To Bank a/c
And write proper narration to clarify the transaction
05 June 2010
My view Self cheque always route through cash contra entry. if not while audit the issue will be viewed seriously
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