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?
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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.
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