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Accounting entries

shivaprakash (CA-Final) (100 Points)

22 December 2011  

Dear friends,

i have a client who has not reversed stale cheques from april 2007.

now i want to reverse all those, the entry for expense cheque reverse will be

Bank account Dr.

To Expense account.

my question is whether it voilates any of the Accounting Standard if yes which one, what is the best way to reverse

pls help me out


 2 Replies

ashish gupta ( student) (1917 Points)
Replied 22 December 2011

the entry will be the same as stated by you. the best way is to highlight this fact in notes to accounts

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2905 Points)
Replied 02 January 2012

Mr. Ashish Guptha answer is correct

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