Cheque
This query is : Resolved
05 August 2019
Hi dear
How are you
1. My question that one bill generate 10000
Party name Subham tiwari and same time after Cheque give Rohit name when to bill generate subham name how jarnal entry
How are you
1. My question that one bill generate 10000
Party name Subham tiwari and same time after Cheque give Rohit name when to bill generate subham name how jarnal entry
05 August 2019
tiwari ji
your question is not clear.
Message likes :
1 times
19 July 2024
Hello! I'm here to help. Based on your question, it seems like you're asking about the journal entry to record a transaction where a bill is issued to one party (Subham Tiwari) but a cheque is received from another party (Rohit).
Here’s how you would record this transaction in your books:
### Journal Entry:
When the bill is generated in the name of Subham Tiwari:
1. **To record the sale or service rendered:**
- Debit: Accounts Receivable - Subham Tiwari
- Credit: Sales or Service Income
```
Accounts Receivable - Subham Tiwari Dr.
To Sales (or Service Income) Cr.
```
2. **When the cheque is received from Rohit:**
- Debit: Bank Account (or Cash Account if cash is received)
- Credit: Accounts Receivable - Subham Tiwari
```
Bank Account (or Cash Account) Dr.
To Accounts Receivable - Subham Tiwari Cr.
```
### Explanation:
- **First Entry (Bill to Subham Tiwari):**
- This records the sale or service provided to Subham Tiwari, creating an account receivable from Subham Tiwari.
- **Second Entry (Cheque from Rohit):**
- When you receive the cheque from Rohit, you debit your bank account (or cash account) to record the receipt of funds.
- You credit the accounts receivable account related to Subham Tiwari to reduce the amount owed by Subham Tiwari.
### Additional Notes:
- Ensure that the amounts and accounts used in the journal entries correspond accurately to your business transactions.
- It’s important to maintain proper documentation for both transactions to support the journal entries, including invoices, bills, receipts, and bank records.
If you have more specific details or different circumstances, feel free to provide more information, and I can adjust the response accordingly!
Here’s how you would record this transaction in your books:
### Journal Entry:
When the bill is generated in the name of Subham Tiwari:
1. **To record the sale or service rendered:**
- Debit: Accounts Receivable - Subham Tiwari
- Credit: Sales or Service Income
```
Accounts Receivable - Subham Tiwari Dr.
To Sales (or Service Income) Cr.
```
2. **When the cheque is received from Rohit:**
- Debit: Bank Account (or Cash Account if cash is received)
- Credit: Accounts Receivable - Subham Tiwari
```
Bank Account (or Cash Account) Dr.
To Accounts Receivable - Subham Tiwari Cr.
```
### Explanation:
- **First Entry (Bill to Subham Tiwari):**
- This records the sale or service provided to Subham Tiwari, creating an account receivable from Subham Tiwari.
- **Second Entry (Cheque from Rohit):**
- When you receive the cheque from Rohit, you debit your bank account (or cash account) to record the receipt of funds.
- You credit the accounts receivable account related to Subham Tiwari to reduce the amount owed by Subham Tiwari.
### Additional Notes:
- Ensure that the amounts and accounts used in the journal entries correspond accurately to your business transactions.
- It’s important to maintain proper documentation for both transactions to support the journal entries, including invoices, bills, receipts, and bank records.
If you have more specific details or different circumstances, feel free to provide more information, and I can adjust the response accordingly!
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
- Supply through E-commerce Operators
- Rent lease agreement
- Relief u/s Section 89
- REGARDING SECTION 44AE
- SALE BILL AGAINST GOODS RETURN
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Sales return eway bill
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
