Dear all 1st entry is correct bcoz we didn't recvd. cash physically then why we will dr. cash so,we have to take direct tranasaction simply customer direct dep.cash then cash dr. to customer.
Ajay K
(Accounts/Finance & CA Final Student )
(200 Points)
Replied 31 July 2010
Dear all 1st entry is correct bcoz we didn't recvd. cash physically then why we will dr. cash so,we have to take direct tranasaction simply customer direct dep.cash then cash dr. to customer.
Ajay K
(Accounts/Finance & CA Final Student )
(200 Points)
Replied 31 July 2010
sorry Bank a/c dr.
To customer a/c
Dheeraj Sondhiya
(CA- IPCC)
(184 Points)
Replied 31 July 2010
No friend ( Rajendra Nath) your entry is wrong it is like this...
On 3rd April the entry is
Cheque-in-hand a/c Dr.
To Debtors A/c
On 5th April when u deposited the cheque in bank the entry is
Bank A/c Dr.
To Cheque-in-hand a/c
Pkala
(CA Final (New Course))
(211 Points)
Replied 31 July 2010
I agree with Dheeraj Sondhiya, he is right
vikas
(bxy)
(87 Points)
Replied 31 July 2010
if u want to work as well professional, always follow journal entry rule-which will simplfy to know the report as required by you.
if you directly credit customer a/c with bank then at the year end, you will not able to see the report-how much cash/cheque received by customer.
first entry is also correct but not good as compared to second entry.
Anil Kumar
(Employee)
(33 Points)
Replied 31 July 2010
Dear Mr. DVD
I am agree with Nishant Jain and transaction will be supported by deposit slip only for both like company and client.
Mayank
(Sr.Accountant)
(152 Points)
Replied 31 July 2010
Hi. DVD
The first entry is correct because there is no cash receival in the hands of the company.
and there is no restriction for depositing cash by a third party in company's account.
so u can make the first entry and i also apply the same.
byeeeeeeeeeeeeeeee
CA Anil Jain
(Chartered Accountant)
(696 Points)
Replied 31 July 2010
Although 1st entry is correct but it should be kept in mind if it would have been the entry of cash payment excedding Rs. 20,000 instead of cash receipt then direct entry through bank not advisable as it would attracts disallowance of expenditure alngwith the penalty of concealment of transaction.
CA NEHA SHARMA
(CA)
(81 Points)
Replied 31 July 2010
First entry is right because no cash is actually recd by the company & directly recd in bank from customer. Hence no cash inflow should be reflected in the books at the time of receipt.
varsha
(commerence)
(22 Points)
Replied 09 September 2013
if cash deposited in bank our self
bank a/c ............dr
to cash a/c
or
cash a/c................dr
to bank a/c
pls explain me
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