What is the Journal Entry for a Cheque Received?

by Sunil
(Kathmandu, Nepal)

Journal entry for a cheque received

Q: What is the journal entry for the following:

Received cheque from a debtor Rs1,00,000

(this means 100,000 Rupees - Indian currency)

Comments for What is the Journal Entry for a Cheque Received?

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Journal Entry - Bank vs Cash
by: Anonymous

If the cheque is not yet deposited in the bank then why is the bank account debited?????

Only if the cheque is deposited into the bank on the same day, then bank is debited... otherwise it is treated as cash in the business.

Entry for Cheques Receivables
by: Ali

You received the cheque but the cheque is not in the bank yet.
If you want to record it before the cheque is cleared in bank the entry will be:

Cheques receivable db
Accounts receivable (debtor) cr

Then you wait for the cheque clearance.

After clearance of the cheque (when the money literally is in your bank account) then the entry will be:

Cash (bank account) db
Cheques receivable cr

Entry for cheque received by a debtor
by: Aryan Mangal

Bank A/C Dr. 1,00,000
To Debtor A/C 1,00,000

The entry should be like
by: Treasa

Bank A/C Dr 1,00,000
To Debtor's A/C 1,00,000

by: Anonymous

Trade receivable
Short term borrowing

by: Anonymous

Cheque in hand a/c 100000
To debtor 100000

Cheque Receiving Entry
by: Santosh

Who have given cheque - its not debtors its creditor right?

It's debtors.

Creditors are people you owe. Debtors are people who owe you.

- Michael Celender
Founder of Accounting Basics for Students

The Entry
by: Krishna

Bank a/c Dr . 100000
To Debtors. 100000

by: Anonymous

Debit : Bank/Cash
Credit : Party

by: Anonymous

A/c # 100000
Customer 100000

Answer cheque receivable entry
by: Kong chenda

A/R or N/R...............1,000,000.00
To record received payment from debtor.

Entry for Cheque Received
by: Bilal Wahid

Debit the bank and credit the party to whom the cheque is received

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