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PDC Issued is a current Liablity & PDC received is Current asset,when company issued a Post dated cheque to a Party that time Debit the Party A\\C and Credit to PDC issued A|C and on the cheque date Cr Bank A\\C and Debit PDC A/C.(same goes to PDC received).
At payment:
Transfers in Processing (Debit)
Bank A/C (Credit)
THERE ARE TWO SITUATIONS TO RECORD PDC
1)ONE OFF TRANSACTON EG FOR GOOD PURCHASED
Dr SUPPLIER ACCOUNT
Cr PDC
on clearnce
Dr PDC
Cr bank
2)Suppose we paid pdc for Rent
Dr prepaid rent
Cr PDC payable
then earch month
Dr Rent exp
Cr prepaid rent
also if cheque cleared
Dr PDC payable
cr Bank
credit bank acccount
When PDC Issued
Sundry Creditors A/C Dr
To PDC Issued (Accounts Payable)
(being PDC cheque issued to supplier)
on maturity
PDC issued A/c Dr
To Bank
(being collected by the supplier)