If we have received a check from customer on 02 feb.10,
deposited in bank on 3rd and check cleared on 5th feb. what
are the journal entries should be passed for all three
days?
Answer Posted / syed mahaboob
The above answer are not satisfied and very confused. The first answer is the right answer. for a single check it is not correct to use check on hand/check deposit/check clearance. It indicates three difference ledgers instead of one. In this three situation better to use: checking account
Like 2nd feb: checking (SBI) A/C Dr
To Customer (XYZ Co.)
3rd feb: Customer A/C Dr
To checking A/C
5th Feb: Customer A/C Dr
To checking A/C
For check Dishonored:
6th Feb: Checking A/C Dr
To Customer A/c
Note: what can you observe above four entries. First one,last one are the same and Second, third. In hole you can observe only two entries. It is effected customer account in bank and our account in bank. For example: if it is cash, it will effect our cash-box feel same as bank-box.
1. For check deposit: Customer A/C Dr
To Checking A/C
For check Dishonored:
2. Checking A/C Dr
To Customer A/c
So Mr. Judson answer is correct. Pls. followup accordingly.
Is This Answer Correct ? | 1 Yes | 1 No |
Post New Answer View All Answers
what are the challenges you are faced with end users ?
What is the difference between account based profitability analysis and costing based profitability analysis?
What is a po history? : fi- accounts payable
What is periodic processing in fi-aa? : fi- asset accounting
Explain an account group. What does it control?
please can somebody help me to configure TAXINN, what are steps involved..
when i post a billing document for free goods how can i exclude for a line item (cost element type 1),not to create a profitability segment but only a cost center thanks in advance
While posting transaction, can we give cost centre / production order at time?
What is collective processing of gl accounts? : fi- general ledger accounting
How is master data different from transaction data?
How the system will know that april is your first posting period?
What is a sort key and what is it used for?
Where does TDS codes maintain and which fields are updated for TDS calculation for invoice/Advance
Why do we create an internal order? : cost center accounting
Why is preliminary cost estimate required?