Brs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Dear Sir,

I have a one doubt regarding brs. when ever we collect a PDC from customer we accounted as a collection from customer. why we passing this entry without clear the amount? What is the reason?

Thank you for responding in advance

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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17 June 2015 A PDC cannot be recorded in the bank column of the cash book as the cheque is not deposited in the bank. Therefore, this cheque will not appear in BRS.

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2015 Thanks for ur valuable answer. Sir my question is if we are receive a pdc from customer we are credited to customer account. Why we are doing this entry? Without encash of cheque? Why don't we pass the entry after clearing the cheque?

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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17 June 2015 When we receive a PDC for all practical purposes the customer had made the payment and we have to issue a receipt to him and therefore record the transaction in our books. The customer has issued a cheque and therefore he has to record the same as payment in his books and therefore needs a receipt for the same.

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