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Accounting entry

Neha Mishra (@student) (234 Points)

17 December 2013

In bank statement there are giiven two dates

1. date and 2. value date

What it indicates ???

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8 Replies

Hojefa (Ca final) (178 Points)
Replied 17 December 2013

1st Date suggest date of transaction recorded, while 2nd value date may be in case of C.C or term loan stmnts in which

C.C limit to be find out regularly.

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One Of A Kind (CA Final & CS Professional Student) (187 Points)
Replied 17 December 2013

Transaction date is the date on which the transaction takes place and value date is the date on which the transaction gets settled.

For Eg. if you pay a cheque to someone on 17.12.2013 then in the bank statement it will show 17.12.2013 as the transaction date and if the money gets transferred from your account on 20.12.2013 then 20.12.2013 would be the value date mentioned in the bank statement.

Siddhartha (Student Audit Assistant) (272 Points)
Replied 17 December 2013

1. Date = Transaction date or Instrument date

2. Value Date = Date on which the cheque or the transaction is cleared/completed

NOUFAL (ACCOUNTANT) (762 Points)
Replied 17 December 2013

Value Date means : Date on which an account holder can use the funds from deposited cheque that have passed through the bank's clearing cycle. or date on which a deposit starts to earn interest.

Date shows, Date of the trasactions posted

mahendra jangid (Dy. General Manager (Finance)) (444 Points)
Replied 18 December 2013

Transaction date is the date on which the transaction is entered by the bank in its system. It does not have any bearing with respect to calculation of interest etc.Value date on the other hand is a date which represent actual date to be considered for all purposes including calculation of interest. E.g. Outstation cheques are credited on the date of receipt of cheque by the bank where it is deposited (Transaction date) but actual credit will be available only when proceeds of the cheque is received by the bank (Value date).

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Neha Mishra (@student) (234 Points)
Replied 18 December 2013

then which date we'll take for accounting in cash basis

sahil (doing ca) (24 Points)
Replied 18 December 2013

Dear obviously date will be taken as as it immediately takes place in case of cash basis

Naresh Dharia F.C.A. (PROPRIETOR) (426 Points)
Replied 18 December 2013

Accounts to be written as per the date on which chq is issued... Other date = Clearing date...is the date to reconcile the balance vis-a-vis bank book maintained by the acctt. Ok.... Hope ur query is SOLVED