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Journal entry

suraj kumar agarwal (student) (83 Points)

04 November 2014

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.

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7 Replies

CA. Abhishek K. Pandey (Manager (Advance)) (901 Points)
Replied 04 November 2014

Out of this for which thing you need a journal entry?

CA Raj Doshi (Practising CA) (8784 Points)
Replied 04 November 2014

In the Books of Moon Dr Cheque in Transit 2000 Cr Sun Ltd 2000

suraj kumar agarwal (student) (83 Points)
Replied 04 November 2014

I need journal entry in both books moon ltd & sun ltd. Thanx in advance to entertain my query.

suraj kumar agarwal (student) (83 Points)
Replied 04 November 2014

I need journal entry in both books moon ltd & sun ltd. Thanx in advance to entertain my query.

Mukesh Kumar (Accountant) (25 Points)
Replied 05 November 2014

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

CA Raj Doshi (Practising CA) (8784 Points)
Replied 05 November 2014

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.