Plz Help
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2011
plz tell the accounting Treatment of issue of cheque to bank as security against Loan
CMA Ramesh Krishnan
(Expert)
17 January 2011
For this no need to pass any accounting entry. just take a copy of cheque and keep in loan file,once the loan is cleared the same will be get back and cancel. so no accounting entry
CA. Praveen Narayan
(Expert)
17 January 2011
While giving cheque as a security, no accounting entry s warranted as no payment s made. you have already booked loan liability. giving security wont reduce your loan.. Mr. Ramesh said it correctly.
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