Accounting receipt doubt
This query is : Resolved
12 August 2011
pls tell me actual procedure of how to account on this
we are builders, when we get receipt, we will deposit to bank, and entry will be
by bank
to party
and the same will be transferred to contract receipt only at end of year
But in one case, the party didnt allow us to deposit the cheque dated 16.09.10 and receipt issued for the same transcation.
but as it is not deposited to bank, its not shown in accounts software.
at the end of financial preparation, i want to know how to close the entry.
simply saying
receipt issued 200000/-
not shown in WCT,not tax paid for the same
Cheque not deposited
not shown in tally also
what would be the procedure for this
we are builders, when we get receipt, we will deposit to bank, and entry will be
by bank
to party
and the same will be transferred to contract receipt only at end of year
But in one case, the party didnt allow us to deposit the cheque dated 16.09.10 and receipt issued for the same transcation.
but as it is not deposited to bank, its not shown in accounts software.
at the end of financial preparation, i want to know how to close the entry.
simply saying
receipt issued 200000/-
not shown in WCT,not tax paid for the same
Cheque not deposited
not shown in tally also
what would be the procedure for this
U S Sharma
(Expert)
12 August 2011
just cancell the receipt entry ...as the cheque is older than 6 months and such entry could not be made in books......
cancell the receipt counterpart also.
cancell the receipt counterpart also.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- GSTR-9C filing
- Working on Gold wastage during Melting of old gold jewellery
- Form 144 TDS Return Validation Error – Mandatory Fields
- Applicability of tax on invoice
- Intimation under section 245
- GST ITC as per notification 12/2023- central tax
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
