Question

received a bearer cheque and deposited into bank..journal entry?

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Answer 1

Answer:

bearer cheque is often treated to be equivalent to cash. This because the bank will give you the cash and not directly deposit it in your account. Therefore the entry depends totally on your assumption of what you do with the cash. If you deposit it in your account then debit Bank A/C, otherwise debit Cash A/C

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Answer 2

Answer:

A bearer cheque is often treated to be equivalent to cash. This because the bank will give you the cash and not directly deposit it in your account. Therefore the entry depends totally on your assumption of what you do with the cash. If you deposit it in your account then debit Bank A/C, otherwise debit Cash A/C.