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What is the general Entry of payment through post dated cheque (PDC)?

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Question ajoutée par Muhammad Fiaz , GROUP MANAGER ACCOUNTS, FINANCE AND TAX , SMPL Group of Companies
Date de publication: 2014/06/22
mohammed ismail
par mohammed ismail , Group Accounting Manager , AMS Holding Group

 

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).

Ghazanfar Imran
par Ghazanfar Imran , Financial Controller , National Security Institute

At payment:

Transfers in Processing (Debit)

Bank A/C                          (Credit)

yaqoob khan
par yaqoob khan , Senior Accountant , MARAS TURKA LLC

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 

Khaled Mohee Eldeen Abbas Mahmoud
par Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

credit bank acccount

Muhammed Yoonus Panthalan
par Muhammed Yoonus Panthalan , GENERAL ACCOUNTANT , FORMONIX TRADING LLC

Case 1---PDC for purchase Supplier a/c Dr To PDC (Being issued cheques) PDC a/c Dr To Bank (Being cleared cheques) Case 2.....PDC FOR EXPENSES Prepaid rent.....Dr To PDC payable Each month Rent.....Dr To prepaid rent (Being transfer to expenses) Finally cleared PDC payable.....Dr To Bank

mohamed nasiq
par mohamed nasiq , accountant administrator , bankby choice

Accounts Receivable a/c Dr To Cash a/c

Kripesh Krishnan Kutty Nair
par Kripesh Krishnan Kutty Nair , Merchandiser , Al Seer Group

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)

SHAH Sm
par SHAH Sm , Accountant , Arabtec Construction

Create PDC issued A/c Under Current Liability While issuing Pdc Cheques supplier Dr (adjust the outstanding bills ) PDC issued A/C Cr (new ref Supplier name /PDC /dt ) at the time of cheque clearance PDC issued A/C DR (adjust against Ref same u mentioned issued time new ref) Bank A/C CR Now liability will decrease in the outstanding payables

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