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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 / laxman
in my point of view whn cheque cqnt be deposited on the same day it is treated as cash and debited in the cash book so
on 2nd feb
cash a/c Dr.
To customer a/c
on 3rd
bank a/c Dr.
To cash
on 5th if cleared effect has already done
if bounce
customer a/c dr
To bank
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