Cheque
This query is : Resolved
17 October 2016
Hi
any body can help me how to account discounted cheques from banks pls provide me the journal entries
Thank you
any body can help me how to account discounted cheques from banks pls provide me the journal entries
Thank you
18 October 2016
Please give more details like who is discounting and value before and after discounting
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18 October 2016
EG: One Customer give PDC chq Amt.100000/- Dt:31/03/2017 we submited to bank they deducted amt 10,000/- balance amount give to us on 18/10/2016
19 October 2016
Debit Bank 90,000
Debit Discount Charges / Interest 10,000
Credit Customer 100,000
If the interest amount spans over more than one financial year, you can debit the year-end amount into pre-paid account. Hope this is understood.
Debit Discount Charges / Interest 10,000
Credit Customer 100,000
If the interest amount spans over more than one financial year, you can debit the year-end amount into pre-paid account. Hope this is understood.
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