Question

journal entry deposited T.elliots cheque into bank​

Answer 1

Answer:

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.

To Ram

(On receipt of cheque)

18/3 Bank A/c Dr.

To Cash A/c

(On deposit of cheque in the bank)

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