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Dr - Supplier
Cr- Chq Payables
and at maturity
Dr- Chq Payables
Cr- Bank / Cash
At the time of issue of cheque, entry will be
dr- supplier x
cr- payable a/c
on that date, we should pass another entry
Dr- Payable a/c
Cr-Bank
When post dated cheque issued to supplier, entry are as follows
1.Supplier account Dr.
To Payable Account(Cheque)
2. Payable Account Dr.
To Cash or Bank
(When its Clear from Bank)
Not to be accounted as on the date of issue. From the point of view of control, accounted on the date of Cheque, care should be taken at the time of finalisation.
