I helped my friend by encashing a cheque for ₹ 1000 which was dishonoured.
My friend has so far repaid only ₹ 400.
What is the accounting treatment for this transaction ??
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cheque dishonour
Replies (3)
FRIEND DR 1000
TO CASH 1000
BANK AC DR 1000
TO FRIEND 1000
FRIEND DR 1000
TO BANK 1000
CASH DR 400
TO FRIEND 400
what about remaining Rs.600/- so your answer is wrong.
sir, amount still receivable. it is one of the question in ICAI material under - accounting for incomplete books
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