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Journal entry
sundry creditors of Sun Ltd. include rs. 2000 due to Moon Ltd. where as Sundry debtors of Moon Ltd. include rs.4000 due from Sun Ltd. It is found that Sun Ltd. has remitted a cheque of rs.2000 , which has not yet been received by Moon Ltd.
Replies (7)
Out of this for which thing you need a journal entry?
In the Books of Moon
Dr Cheque in Transit 2000
Cr Sun Ltd 2000
I need journal entry in both books moon ltd & sun ltd.
Thanx in advance to entertain my query.
I need journal entry in both books moon ltd & sun ltd.
Thanx in advance to entertain my query.
In the Books of Sun Ltd
Moon Ltd ( Creditor)---- Dr 2000
To Cheque in Transit 2000
In the book of Moon Ltd - No entry until cheque is received
You have to make balances in both the books equal at Rs. 2000. In the academic sense , your answer should be what I have commented earlier. No entry in Sun Ltd.
In sun ltd
moon ltd a/c ............dr
to bank a/c
in moon ltd
no entry
pass only when cheque is realised
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