What will be the journal entry of a cheque received on April 22 but dated 15 may ?
Parichay, cheque received on April 22 but dated 15 May represents a post dated cheque.
Post dated cheques are cheques that have been issued for some future date. These cheques carry a date yet to come and can not be presented in the bank for payment until the date so specified arrives. Presenting a post dated cheque into the bank would get the same dishonoured.
Thus, it will be treated as Cheques-in-hand and accordingly the following Journal entry will be made.
Apr 22 Cheques-in-Hand A/c Dr.
To Party's Name
When cheque deposited in the bank
May 15 Bank A/c Dr.
To Cheques-in-Hand A/c
Post dated cheques are cheques that have been issued for some future date. These cheques carry a date yet to come and can not be presented in the bank for payment until the date so specified arrives. Presenting a post dated cheque into the bank would get the same dishonoured.
Thus, it will be treated as Cheques-in-hand and accordingly the following Journal entry will be made.
Apr 22 Cheques-in-Hand A/c Dr.
To Party's Name
When cheque deposited in the bank
May 15 Bank A/c Dr.
To Cheques-in-Hand A/c