He received a cheque of R.S 10000 from sundry debtors prepare journal entry
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When a cheque received is not deposited on the same day, it is taken in the cash account and when it is deposited in bank, then a contra entry is passed. For example cheque received from Ram on 15th March is deposited on 18th March, following entries will be passed: 15/3 Cash A/c Dr. 18/3 Bank A/c Dr
As cash is a current asset we will debit cash as there is an increase, this completely based on the rules of accounting.
Credit – You use this button if you're paying using a Credit Card, or you have a Debit card that can be used like a credit card. Your debit card has to be linked to an account from which to draw your own funds. Cheque – This button will cause money to be withdrawn from your transactional, or everyday banking account
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