cheque Bounce
This query is : Resolved
20 August 2008
On 28/03/2008 company received a cheque as compensation which is income in the Balance Sheet of 2007-08 but this cheque send back by bank as unpaid on 03/04/2008. Now company can reduce the income of last year Balance Sheet or book expenses in current year?
21 August 2008
In case the amount is not recoverable then it will have to be reversed in the last year itself.
21 August 2008
Let suppose a suit will be filed for recovery then?
21 August 2008
You should not reverse the Income. The party account may be debited by passing the entry for the bouncing of cheque.
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