Date of entry

This query is : Resolved

Shivani (Querist)
Follow

11 September 2015 Dear Friends

I need to know that when we receive cheque on 01-Apr-2015 dated 20-Mar-15 and we deposit it in our bank on 05-Apr-15, then on which date we pass entry in our books?

LIkewise when we issue a cheque dated 10-Apr-15 but it is handed over to the creditor on 15-Apr-15, then on which date we pass entry in our books?

Also please tell the entries in both cases in our books.

CA PRIYUL SHAH

CA PRIYUL SHAH (Expert)
Follow

11 September 2015 In first case, pass entry on date when you received the cheque i.e. 10-04-2015

In second case, pass entry on date of issue of cheque i.e. 10-04-2015

CA Parul Saxena

CA Parul Saxena (Expert)
Follow

11 September 2015 In the first case record the entry on the date of deposit i.e. 05.04.15

In the 2nd case record the entry on 10.04.15 i.e. date of issue of cheque

Shivani

Shivani (Querist)
Follow

16 September 2015 Dear Experts

Both of u are suggesting different dates when we receive the cheque.

please explain why you suggesting the date which u r suggesting?

CA PRIYUL SHAH

CA PRIYUL SHAH (Expert)
Follow

16 September 2015 Generally, system of recording cheque date is not prevailing in small organisation. We deposit the cheque as and when received and pass entry for the same.
CA Parul is right. There will be no date variance between slip and entry if you answer given by m'am.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now