wahat is the journal entry for cheque paid for collection
but not collected?
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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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My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance
