Question

sold goods and received cheque ​

Answer 1

Hello mate....✴️✴️✴️

ANSWER :-

✨3 golden rules :-

• Debit the receiver, credit the giver.
• Debit what comes in, credit what goes out.
• Debit all the expenses and losses, credit all the incomes and gains.

-----------------------------------------✨Reasons for debit and credit :-

Sales A/C - Nominal A/C, it's a income of the company, therefore its credited.

Bank A/C - Personal A/C, where banker receives cash from buyer, had the receiver in this case, therefore its debited.

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✨Journal entry :-

Banks A/C......... Dr.

......... To sales A/C.

(Being goods sold and cheque received)

Hope it will help you....✌️✌️✌️

Thank you.... ☺️☺️☺️

Answer 2

I define an unpresented cheque as a check that was written but has not yet been paid by the bank on which it is drawn. An unpresented check is also referred to as an outstanding check or a check that has not yet cleared the bank. ... Whether the check clears the bank or not, the company's Cash account balance is proper.