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?
- 9 Answers
- 19323 Views
- IBM, I also Faced
- E-Mail Answers
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
How are scrap costs shows in the standard cost estimate?
Statistical key figures are created in the cost center accounting module. Now the same statistical key figures are required in the profit center accounting module. Is it required to maintain the statistical key figure in pca module?
when clearing the vendor by f-44,asking for section codes which is already defined. what to do
Can anyone give me real-time coaching in sap fi/co i am residing in marathalli Bangalore.........
Which of the fields you can display and log changes in fi?
How do you release blocked invoices for payments? : fi- accounts payable
How do you ensure correct balances in the financial statement version? : fi- general ledger accounting
How the function code handles in flow logic?
What is line item display? : fi- general ledger master data
What is an operating concern and what is its relationship with a controlling area in co?
Explain production set-up in fi-aa? : fi- asset accounting
Is there an easy way to maintain exchange rates in sap?
How do you manage outgoing partial payment for the vendor in fi?
What is a credit control area in sap ?
What is the integration point in fi-mm in obyc. Which gl a/c has to be created ?
