Commerce Exam > Commerce Questions > Cheques of ₹ 10,000 were sent to bank for col...
Start Learning for Free
Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain
?
Most Upvoted Answer
Cheques of ₹ 10,000 were sent to bank for collection; out of these che...
Entry for Cheques Sent to Bank for Collection
When a company sends cheques to the bank for collection, it is recorded as a separate entry in the books of accounts. The entry for cheques sent to bank for collection is as follows:
Date | Particulars | Debit | Credit
When the cheques are sent to the bank for collection, the following entry is recorded in the books of accounts:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques sent to bank for collection | ₹ 10,000 |
(Cheques Receivable A/c) | | | ₹ 10,000
In this entry, the bank account is debited with the amount of cheques sent for collection, and the cheques receivable account is credited with the same amount.
Crediting of Cheques
When the cheques are credited by the bank, the entry is recorded as follows:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques Receivable A/c | ₹ 2,000 |
(Cheques Receivable A/c) | | | ₹ 2,000
In this entry, the bank account is debited with the amount of the cheque that was credited, and the cheques receivable account is credited with the same amount.
Similarly, when the cheque of ₹ 1,000 was credited, the following entry was recorded:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques Receivable A/c | ₹ 1,000 |
(Cheques Receivable A/c) | | | ₹ 1,000
In this entry, the bank account is debited with the amount of the cheque that was credited, and the cheques receivable account is credited with the same amount.
Final Entry
When all the cheques are credited, the final entry is recorded as follows:
Date | Particulars | Debit | Credit
---|---|---|---
(Cheques Receivable A/c) | Cheques sent to bank for collection | | ₹ 10,000
(Cheques Receivable A/c) | Cheques credited by bank | | ₹ 3,000
(Bank) | | ₹ 9,000 |
In this entry, the cheques receivable account is debited with the total amount of cheques sent for collection and credited with the amount of cheques that were credited by the bank. The bank account is credited with the total amount of cheques that were credited by the bank.
This entry shows the final position of cheques sent for collection and their realisation by the bank.
When a company sends cheques to the bank for collection, it is recorded as a separate entry in the books of accounts. The entry for cheques sent to bank for collection is as follows:
Date | Particulars | Debit | Credit
When the cheques are sent to the bank for collection, the following entry is recorded in the books of accounts:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques sent to bank for collection | ₹ 10,000 |
(Cheques Receivable A/c) | | | ₹ 10,000
In this entry, the bank account is debited with the amount of cheques sent for collection, and the cheques receivable account is credited with the same amount.
Crediting of Cheques
When the cheques are credited by the bank, the entry is recorded as follows:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques Receivable A/c | ₹ 2,000 |
(Cheques Receivable A/c) | | | ₹ 2,000
In this entry, the bank account is debited with the amount of the cheque that was credited, and the cheques receivable account is credited with the same amount.
Similarly, when the cheque of ₹ 1,000 was credited, the following entry was recorded:
Date | Particulars | Debit | Credit
---|---|---|---
(Bank) | Cheques Receivable A/c | ₹ 1,000 |
(Cheques Receivable A/c) | | | ₹ 1,000
In this entry, the bank account is debited with the amount of the cheque that was credited, and the cheques receivable account is credited with the same amount.
Final Entry
When all the cheques are credited, the final entry is recorded as follows:
Date | Particulars | Debit | Credit
---|---|---|---
(Cheques Receivable A/c) | Cheques sent to bank for collection | | ₹ 10,000
(Cheques Receivable A/c) | Cheques credited by bank | | ₹ 3,000
(Bank) | | ₹ 9,000 |
In this entry, the cheques receivable account is debited with the total amount of cheques sent for collection and credited with the amount of cheques that were credited by the bank. The bank account is credited with the total amount of cheques that were credited by the bank.
This entry shows the final position of cheques sent for collection and their realisation by the bank.
Community Answer
Cheques of ₹ 10,000 were sent to bank for collection; out of these che...
Aary baaf me bataty hai
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)?
Question Description
Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)?.
Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)?.
Solutions for Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? defined & explained in the simplest way possible. Besides giving the explanation of
Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)?, a detailed solution for Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? has been provided alongside types of Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? theory, EduRev gives you an
ample number of questions to practice Cheques of ₹ 10,000 were sent to bank for collection; out of these cheques of ₹ 2,000 and of ₹ 1,000 were credited respectively on 8th July and 10th July and the remaining cheques were credited before 30th June 2014. How we will show this entry please explain Related: Bank Reconciliation Statement (Part - 4)? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup