What is the journal entry for Issued check and Received check as full payment?
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What is the journal entry for Issued check and Received check as full payment?
What is the journal entry for Issued check and Received check as full payment?
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Answer:
Cheques issued A/c Dr.
To Suspense A/c.
On the Cheque date reverse the above entry and pass the following entry:
Creditors A/c Dr.
To Bank A/c.
Alternatively, you can also pass below entries:
1. When Check is issued.
Creditors A/c. Dr.
To BankClearing A/c
2. When check is cleared in bank.
Bank Clearing A/c. Dr.
To Bank A/c.