Cheque in hand

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Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2012 AT 31st of March ' 2011 (FY 2010-2011) Sundry Debtors Outstanding is 11,00,000.00, out of those I have cheque in hand of Rs. 7,00,000.00 ( 200000/- of 3.04.2011, 200000/-, of 08/04/2011 & 300000/- or 12/04/2011 ).

My Question is do i have to create and Debit cheque in hand account under (C/Assets) and Credit he debtors account,

and show the balance as on 31st of Rs. 400000/- or i have to just show Debtors balance of Rs. 11,00,000/- on 31st and credit the in the next financial year( Date of Cheque)

Awaiting for your valuable reply..

CA Jitender Kanswal

CA Jitender Kanswal (Expert)
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22 March 2012 Dear

You will have to show debtors balance of Rs 11,00,000 as on 31st March, 2011.

Rs 7,00,000 lakhs will be credited in next FY.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 March 2012 thnk u sir for your reply... if these were not post dated cheques then also whether treatment will be different or same

CA Jitender Kanswal

CA Jitender Kanswal (Expert)
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22 March 2012 No, obviously if these cheques bear the current period date then these will be adjusted in current year itself b'cos in Balance Sheet we have to show adjusted balance

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