Suppose there are three parties A,B and C and I have issued cheques to them respectively of Rs.10000, Rs 15000 and Rs.20000 on 26 th march .Now till 31st march A and B got cleared their cheques but C did not presented and for crediting A's balance', bank credited my account by Rs.100000 instead of 10000 but A,s bank got credited with 10000 only. What entries should I pass on 31 st march for these transactions . Also the bank promised that it will reverse the same till 15th april. Also please tell the entry for this effect in our books if I want to close all accounts on 31st march?
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Double entries to be passed
Replies (3)
You have to pass the entry of payment only. No further entry required. You should prepare bank reconciliation statement for the clerical mistake of Bank and Cheque issued but not present for Payment.
agree with Mr. Puneet.
You should show bank mistake in your reconciliation statement only, no further entry required in the books
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