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Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

26-Sep-20 17:51

10

Brs

Dishonor of a bill discounted with bank What if the bill is honoured Also bills collected by bank on behalf of a customer

Answers (7)

Sriram Somayajula

Sriram Somayajula

Admin

26-Sep-20 20:15

Even then treatment is same in the BRS

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

26-Sep-20 20:35

Sriram Somayajula

Sriram Somayajula

Admin

26-Sep-20 20:15


Even then treatment is same in the BRS

I m asking whats the treatment in brs and explain

Sriram Somayajula

Sriram Somayajula

Admin

27-Sep-20 11:31

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

26-Sep-20 20:35


I m asking whats the treatment in brs and explain

That was not apparent in your question. Please post the questions properly. Secondly this is already covered in sufficient depth in illustration X. Please go through the video. If you have gone through not sure what the doubt is. What is already explained in a cannot be explained again in text in forum.

Sriram Somayajula

Sriram Somayajula

Admin

27-Sep-20 12:38

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

27-Sep-20 11:33


I didn't understand that bideo do I m asking

Please elaborate what you did not understand. Please send a pic with entries / BRS as per what you understood - then highlight where you have a doubt. We shall then specifically help you on the aspect which you did not understand

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

27-Sep-20 16:35

Sriram Somayajula

Sriram Somayajula

Admin

27-Sep-20 12:38


Please elaborate what you did not understand. Please send a pic with entries / BRS as per what you understood - then highlight where you have a doubt. We shall then specifically help you on the aspect which you did not understand

If a bill is discounted with bank what is journal entry. If it is not honored what actually happeens what makes to prepare brs

Sriram Somayajula

Sriram Somayajula

Admin

27-Sep-20 20:29

Prasanth kumar Kamisetty

Prasanth kumar Kamisetty

CA Foundation

11K+

27-Sep-20 16:35


If a bill is discounted with bank what is journal entry. If it is not honored what actually happeens what makes to prepare brs

For entries for Bills of exchange, please refer to videos of Bills of Exchange chapter. They are also covered in pages 6.5 & 6.6 of ICAI Study Material. Link below and pages also are attached herewith https://resource.cdn.icai.org/55003bosfndnov19-p1-cp6u1.pdf What happens in BRS depends on the fact if the entity accounted or not. If both bank and the entity passed entries there is no reconciliation. If bank passed but entity did not pass entry then in the BRS , such amount should be reduced from Balance in Bank account as per books of entity in order to arrive balance as per bank.

Attachments

Bills of Exchange.pdf