Journal entry
This query is : Resolved
13 April 2018
A NBFC ISSUED CHEQUES IN PAST IN HUGE NUMBER AFTER THAT RBI RESTRICTED TO CLEAR THESE CHEQUES WERE ISSUED..NOW IN BOOKS OF ACCOUNTS OF RS 45LACS CHEQUES WERE OUTSTANDING WHAT WILL BE THE TREATMENT ?
17 April 2018
You will have to read the RBI restriction in detail to see whether it is permanent or temporary.
If permanent, then it will be appropriate to reverse the transactions.
If temporary, then wait until the cheques become stale (3 months from date of issue)
If permanent, then it will be appropriate to reverse the transactions.
If temporary, then wait until the cheques become stale (3 months from date of issue)
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