re:cheque issued & received
This query is : Resolved
01 April 2010
we are a sole proprietor firm.we have issued cheques to parties on 31st march which have not been presented to the bank by parties & we have deposited some cheques which we have deposited but not cleared by bank.
kindly guide me regarding accounting entries for both cases in balance sheet.
kindly guide me regarding accounting entries for both cases in balance sheet.
01 April 2010
1. The cheques received from parties but not presented to bank for clearance,
Cheques received but not encashed DR.
to ABC A/c Cr.
2. The cheques issued to parties but not presented by the parties to bank for clearance,
ABC A/c DR.
to Cheques issued but not presented Cr.
Cheques received but not encashed DR.
to ABC A/c Cr.
2. The cheques issued to parties but not presented by the parties to bank for clearance,
ABC A/c DR.
to Cheques issued but not presented Cr.
01 April 2010
My view, no entry is required, do the Bank reconcilation statement and keep. thats enough
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