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Cheque issued but not clear

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(Querist)
12 May 2008 We have issued a cheque to a party for Rs. one lac in October, 2007.Till May, 2008 the cheque is not deposited and 6 months passed.What will be the accounting entries in books and when?Should any entry have to make in march, 2008 as per AS-4 etc.
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Amit Sharma

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Amit Sharma (Expert)
12 May 2008 It should be treated as a stale cheque and a reversal entry will have to be passed.
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KAUSTUBH M JOSHI

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KAUSTUBH M JOSHI (Expert)
12 May 2008 Since you have passed entry for payment in in Oct07. you should pass the reversal entry on date of expiry of validity pariod i.e. of six month.
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