wahat is the journal entry for cheque paid for collection
but not collected?
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Answer / hari sanku
When cheque issued
Party Account dr
To Bank Account
Any difference in bank account and Cash account will be
found in BRS.
If it is honoured
No need to pass a new entry as we alreday passed one.
If it is dishonoured, Reverse the initial entry:
Bank Account Dr
To Party Account
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / samarth
There will be 2 entries:
When cheque is sent for collection:
Cash a/c Dr.
To Bank a/c
When cheque is realized:
Bank a/c Dr.
To Cash A/C
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / sangeethag
Suspense/undeposited fund a/c Dr. ****
To Debtors ****
when collected the cheque
Bank a/c dr. *****
To Suspense/undeposited a/c
| Is This Answer Correct ? | 0 Yes | 4 No |
Answer / sr
Cheque collected:
Customer (A/R) Dr.
Bank clearing a/c Cr.
When Cheque is cleared:
Bank clearing a/c Dr.
Bank account Cr.
| Is This Answer Correct ? | 0 Yes | 4 No |
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