Question

what is the journal entry for cheque received from Sujeet Rs 500 ?

Answer 1

Dear Student,

When Cheque is received, the following Journal entry is passed:

1. When cheque is deposited on the same day

Bank A/c Dr. 500
To Sujeet 500
(Cheque received from Sujeet and deposited on the same day in the bank)

2. When cheque is deposited on another day

Date of receipt of cheque

Cheques in hand A/c Dr. 500
To Sujeet 500

Date of deposit of cheque

Bank A/c Dr. 500
To Cheques in hand

Hope this clarifies your doubt.
Keep posting!!