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liability of discounted cheques

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(Querist)
27 August 2008 one person has taken the cheques of other party and discounted in his bank and bank sent these cheques to concern banker for payment , on the presentation the cheque was returned wothout payment as there was no enough amount in party's bank account. Who will be liable to make the payment to banker as it payment was already taken by holding party
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Anil Kumar Kedia

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Anil Kumar Kedia (Querist)
27 August 2008 if cheque is discounted on 31-03-08 then what accounting entry is required to pass in the book. and if the amount is credit in party account then what party account will be under which head eigher laon account or sundry creditors. please advise
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
28 August 2008 The party who discounted the cheques is liable to make good to the banker.
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