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Dear all,
If a customer is paying us his debt by cheque the double entry to record this transaction is :
Dr. Bank
Cr. A/R(customer a/c)My question is if this cheque is bounced and bank sent us back this cheque so will it be there any double entry to record this transaction.
Waiting for early respons.
RGds,
TRK*If the cheque bounces then the customer hasn’t paid and therefore the debt must be restored to their account, so the double entry would be:
Dr: A/R customer a/c – dishonoured cheque
Cr: Bank – dishonoured cheque
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Do the reverse by cr bank and dr customer
thats what I would do to record the entry
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