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Querist : Anonymous

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Querist : Anonymous (Querist)
17 January 2011 plz tell the accounting Treatment of issue of cheque to bank as security against Loan
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CMA Ramesh Krishnan

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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
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CA. Praveen Narayan

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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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