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When a cheque received in the last week of a month and dishonored in the next month what will be the entry?
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What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
What will be the journal entry if you received net commission after deducting prev month gross commission?
The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX
Which month is not abbreviated in Works Cited entry?
The month of May is not abbreviated in a Works Cited entry.
How many days a cheque convert into the cash?
You have six months from the date of cheque to convert a cheque into cash. The date of the cheque is the date shown on the face of the cheque. After six months of time, the cheque becomes a "Stale cheque".If you present the cheque to a paying bank within six month period you can collect the cash in following ways.1. If the cheque's account is a account of paying bank: You can en cash the cheque on same day.2. If the cheque's account is not a account of paying bank: Depending on the clearing speed of the banking system you may get money on same day/ tomorrow/ or day after tomorrow.Please refer related questions to understand the cheque handling process in Banks.
When does an employee receive his first pay cheque?
Usually at the end of the first month of work with the company
How many months a cheque valid in India?
All cheques are valid for 6 month from date of Issue
December is known as the month?
it is called the entry of the winter
How much time state bank of India takes to clear a Cheque which is in dollars?
It can take more than a month
Is a check valid if dated on a Sunday?
Yes. The date that is mentioned in a cheque signifies the date from which a cheque is valid. So, it does not matter if it is a Saturday or a Sunday or a public holiday. The only thing that matters is that, the cheque is valid only for 3 months from the date of issue. So, be sure to cash the cheque before the 3 month period otherwise it will become expired and is worthless.
What is non standard entry?
A non standard entry is an entry that is not reoccurring. If you have a standard entry, you will post the entry every month without having to change any of the amounts or account numbers assigned to the item.
What is the validity of bank cheque issued to my friend on first March 2008?
I think it is valid for next 6 month from the date of issue. If the cheque is issuesed on 1st march '08, it will be valid upto 1st September '08.
What are the types of journal entry?
1 - General journal entry2 - Adjusting journal entry3 - Month end adjusting entry
