Brs
Querist : Anonymous
If I make payment for my purchased to my creditors by cheque on 29.03.2014 of ₹10,000/- and he got the cheque on the same day but didn't put the cheque on the same day in the bank, but put the cheque in the bank on 05.04.2014. Then In the closing B/s of F.Y. 2013-2014 whether my Bank A/c will be showing bank bal. less than 10000 or not.
Pls answer this query by how creditor would be dealing with this cheque in his B/S.
How creditor deals with it will be reverse of how you do.
He will debit his Bank A/c (in books) and then reflect the same as "cheque received but not credited in the Bank" in BRS.
Querist : Anonymous
how can creditor debit the received cheque because he didn't put the cheque in the bank and he has no proof that he will be receiving that payment or whether cheque will be cleared or not.
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