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What are the journal entries passed against 60 PDC cheques (60 months installment) issue against a long term loan on the current year?

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تم إضافة السؤال من قبل Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group
تاريخ النشر: 2014/09/30
Muhammad Hassaun
من قبل Muhammad Hassaun , Shared Services Lead , M&P Express Logistics (Pvt.) Ltd.

Post dated cheques recorded as current liability in the balance sheet.

When you issued post dated cheques to the bank against long term loan, the treatment in the books of accounts is 

Long Term Loan       Dr.

Post Dated Cheques           Cr.

when the payment is made at certain term 

Post Dated Cheque  Dr.

Bank A/C                             Cr.

faisal ayub
من قبل faisal ayub , Manager Operations , 3M&K - The Kalculators

Create a Dummy GL of bank account and loan account. post60 PDC cheques in that GL giving debit to the Dummy loan account.

 

whenever a cheque is encashed, post one entry in original GL accounts. also pass one cheque reversal in both dummy accounts.

 

To be noted: while preparing financial statements, net off both dummy accounts at grouping level. so they are not reported in any case.

 

Also to remember; dummy accounts are for reference purpose only, they do not portray any factual accounting transactions.

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