wahat is the journal entry for cheque paid for collection
but not collected?
Answer Posted / surya
If you give a cheque to your vaedor but vendor is not incash the cheque,The entry will be.
Vendor Account DR.
To Sub bank Account.
After conformation from bank that cheque is in-cash then,
Sub-Bank acct dr.
to main bank acct. cr.
finally:
Vendor account dr.
to main bank acct ..cr
In this way companies are maintain their account book and reconcile with the bank book......
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