What accounting entry should be passed for cheque issued but not presented in bank within 90 days?
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Cheque issued but not presented
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When the cheque has been issued first of all we have to pass the payment entry . After 90 days if the cheque has not been presented to payment we have to reverse the entry
Hi,
Pass the following Entries:
1) Payment to XYZ Company
Dr.XYZ Company ------------ 1111
Cr. AB Bank ------------- 1111
2) Reverse Entry
Dr. AB Bank ----------- 1111
Cr. XYZ Company ------ 1111
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