I had issued a cheque to a creditor on 28.03.2017 but it was not cleared till 28.06.2017. When should i pass the cheque reversal entry- on 31.03.2017 or in current FY 17-18. As although I have not actually paid to the creditor till 31.03.2017. Will this effect AS 4? My books have not been audited as yet.
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Stale cheques
Replies (2)
have you issued another cheque to the creditor. if yes then reverse it on 28.06 else on 31.03
On 28.06, as condition of cheque becoming stale was not exisitng as at balance sheet date of 31.03
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