what is the entry passed when cheques recceived from tge customer is not sent to the bank on the same day
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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.
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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