what will be journal of this SOLD GOODS TO DINKAR AND RECIEVED A CHEQUE

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Solution

The Journal entry in this case is:
Cheques-in-Hand Account Dr.
To Dinkar
(Cheque received from Dinkar)
Note- Any cheque that has been received from a party, it should be recorded as Cheque-in-Hand Account until and unless it is presented for encashment in bank. It should not be regarded as Cash.

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Similar questions

Give Journal entries for the following:

(i) Bought goods at the list price of Rs.50,000 from Vinod less 20% trade discount and 2% cash discount and paid 40% by cheque.

(ii) Sold goods to Mohan at list price Rs.1,00,000 less 20% trade discount and 2% cash discount and paid 50% by cheque.

(iii) Paid income tax through cheque Rs.2,000.

Q. Pass Journal entries for the following transactions:−
1. Purchased Machinery for ₹ 20,000 and paid ₹ 200 for its carriage.
2. Received a cheque fo ₹ 4,850 from X in full settlement of his account of ₹ 5,000. Cheque was immediately deposited into bank.
3. Received by cheque a first and final payment of 60 paise in a ₹ from Y who owed us ₹ 10,000.
4. Sold goods to Z for ₹ 10,000 at a trade discount of 20%. Next day a cheque was received from him after deducting 5% cash discount. Cheque was immediately deposited into Bank.
5. Goods costing ₹ 20,000 sold to Manoj at a profit of 20% on cost less 10% trade discount.

A cheque received from Ramesh of Rs 20,000 to whom the goods were sold on credit was dishonoured. Which of the following accounts shall be effected after preparation of Bank Reconciliation?

Q. A sold goods to B for ₹ 20,000 plus CGST and SGST @ 9% each on credit 3 months. B paid A ₹ 3,600 by cheque and accepted a draft for the balance amount. The draft was endorsed in favour of C, who got the payment on maturity.
Give Journal entries in the books of A.

Q. If the goods are sold, the entry should be recorded in the journal.

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what will be journal of this SOLD GOODS TO DINKAR AND RECIEVED A CHEQUE

The Journal entry in this case is:Cheques-in-Hand Account Dr.To Dinkar(Cheque received from Dinkar)Note- Any cheque that has been received from a party, it should be recorded as Cheque-in-Hand Account until and unless it is presented for encashment in bank. It should not be regarded as Cash.

The Journal entry in this case is:
Cheques-in-Hand Account Dr.
To Dinkar
(Cheque received from Dinkar)
Note- Any cheque that has been received from a party, it should be recorded as Cheque-in-Hand Account until and unless it is presented for encashment in bank. It should not be regarded as Cash.