Sundry debtors

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2015 Dear Sir,
Suppose a civil contractor received a cheque of Rs. 5 lacs, from municipalty on 31/03/2015 for civil construction and get is cashed on 04/04/2015.

Whether on 31-03-2015, the municipalty will be deemed as his debtor, as the cheque has been cashed on 04/04/2015?

Please clarify.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 September 2015 The cheque is received on 31/03/2015. The same will be credited to the debtor's account on the same day.
Bank reconciliation will reveal that the same is not credited in bank account as on that date.

Querist : Anonymous

Querist : Anonymous (Querist)

17 September 2015 it was credited in pass book on 04/04/2015

Amol S Joglekar

Amol S Joglekar (Expert)
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18 September 2015 that is what i tried to reply. It will be the item of BANK RECONCILIATION.

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