As per schedule III of balance sheet how to pass journal entry
This query is : Resolved
26 November 2024
Cheques issued on 28th march but not cleared till 31st March.
How to pass journal entry for cheques in Transit in books of accounts.
How to pass journal entry for cheques in Transit in books of accounts.
27 November 2024
Cheques in transit refer to cheques that have been issued but not yet cleared by the bank. To account for cheques in transit, you need to make an adjustment in your books of accounts. as follows:::
Debit: Bank (with the bank account where the cheque was drawn)
Credit: Cheques in Transit (or Outstanding Cheques)
Amount: The total amount of cheques issued that are still uncleared.
Debit: Bank (with the bank account where the cheque was drawn)
Credit: Cheques in Transit (or Outstanding Cheques)
Amount: The total amount of cheques issued that are still uncleared.
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