Accounting for post dated cheques received
This query is : Resolved
07 July 2015
A company in its normal course receives payment from customers through e-banking. One customer has given post dated cheques for payment and signed a legal undertaking as well.
Should the Post dated cheques be recognized by debiting 'Cheques in Hand' GL and corresponding credit to be given in Customer ledger?
Please suggest regarding accounting for PDC?
Should the Post dated cheques be recognized by debiting 'Cheques in Hand' GL and corresponding credit to be given in Customer ledger?
Please suggest regarding accounting for PDC?
CA R SEETHARAMAN
(Expert)
07 July 2015
No accounting can be done on post dated cheques. Account it on due dates and then deposit in bank for collection.
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