Dear All
I have seen a trend of collection of PDC's (Post dated Cheques) from the customers.................can anybody pl. let me know what would b the advantage of collection of PDC"s from the customers???
And what would be the accounting impact for the same in books?
Accounting entry also required?
Thanks in advance!
hello gaurav
PDC's are generally collected to ensure payment of money.
in case of non payment u can dishonoured the check and can file case under section 136
there is no entry required to be made in books of accounts for receipt of PDC's. however u can maintain a memorandum book for PDC just know the possession of cheques
hope useful for you
regards!!
Thanks Mr. Goyal
I got it & thanks again for quick & kind reply.
CAclubindia
