Bill of discounting

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Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2012 sir i have a cust they given 60 days pdc cheque,but due to finance problome i submitted that chq to bill of disounting in bank.what bill be the entry in my book please help me

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 July 2012 While receiving the cheque

Dr:Bills receivable
Cr: Customer A/c

While discounting with Bank

Dr:Bank
Dr:Interest on bill discounting
Cr: Bills receivable

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