Hello Freinds,

Last week I faced an interview for accountant post. In that I was asked to pass an entry for post dated cheque. What is the answer for this queston?


Thank You

CaptainForest

You would not make a journal entry for a post dated cheque.

Just a note to the financial statements.

The journal entry would come when the cheque is cashed.

papiasarkar

The journal entry should come at the time of deposit of receivable PDC. Account should be PDC receivable.....Dr
To Deferred Income
on the due date means at the time of cashed accounting should be
Cash/bank .............Dr
PDC Receivable
Deferred Income........Dr
Actual Income

if any body have any comments please carry on.

Thanks.

Papia

ssankarganesh

You can pass a entry in the current year by passing an entry like this

Debit Party in favor of cheque
Credit Cheque in Transit

Cheque in transit is a contingent liability. I think you know well about contingent liability otherwise it is a liability for us and we have to meet out.