0
Add your answer:
Earn +20 pts
What is post-dating a cheque?
Post dating a cheque is actually a practice which should be avoided as much as possible. It is the process where you issue a cheque to somebody with the date being a future date. Let us say if you want to issue a cheque to your friend dated 10-Sep-09 then it is a post dated cheque. Your friend cannot encash it before 10th September 2009. This is called Post Dating a cheque.
Difference between post-dated check and stale check?
A Post Dated Cheque is one that has a date in future. A Stale Cheque is one in which the date is in the Past. Usually cheques have a validity of around 90 to 120 days. So, lets say someone gave you a cheque in March 2011 and you have still not cashed it, it is a stale dated cheque. Similarly if I give you a cheque with date as 10-May-2012 today (on 14 Jan 2012) it would be a Post dated cheque. In this case, the cheque is valid only on or after 10th May 2012. Until then, it is just a piece of paper and is worthless
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
Journal entry for post dated cheque?
Debit expenses / accounts payableCredit bank
What is the journal entry when post dated cheque issued to supplier?
debit accounts payablecredit bank
What is a post date?
A post-dated cheque is a cheque, on which a future date appears and not a current date. For example, if today is 01/01/2012, then a cheque which bears a date (say) 15/01/2012 is a post-dated cheque, till that date (15/01/2012) comes. In other words, till 14/01/2012 this cheque will be considered as post-dated cheque. That is, the future date has not yet arrived (till 14/01/2012). On 15/01/2012, the cheque will be no longer a post-dated cheque, but becomes a current dated cheque.In India, a cheque should be presented for payment on or after the date that appears on the face of the cheque. This date is also called ostensible date.A banker cannot a pay a post-dated cheque as he has no mandate to debit the account of the depositor earlier than the date of the cheque. In other words, a post-dated cheque should not be paid and should be returned to the holder with the reason, "Cheuque is post-dated" as the payment of a post-dated cheque is fraught with dangers. Since payment of a post-dated cheque, as per Section of the 10 of the Negotiable Instruemnts Act, 1881, is not a payment in due-course, many banks in India will not make payment of the cheque.If any defect in the title of the payee is found later, the banker cannot claim protection and should make good the loss to the ture owner.M.J. SUBRAMANYAM, BANGALORE
What is post dated chaque?
A Post Dated Cheque is one in which the cheque date will be after todays date. Let us say I give you a cheque today with date October 15th 2011, then it will be a post dated cheque. The point here is that you cannot cash that cheque before October 15th and it can be cashed only on or after the date written on the cheque.
Is it against the law to cash a post dated check?
Yes, but it needs to be in the name of the person on the check and since it is post dated there could be a reason. Usually, a person writes a check like that because the money is not in the account yet.
What is a post dated check?
A post-dated cheque is a cheque, on which a future date appears and not a current date. For example, if today is 01/01/2012, then a cheque which bears a date (say) 15/01/2012 is a post-dated cheque, till that date (15/01/2012) comes. In other words, till 14/01/2012 this cheque will be considered as post-dated cheque. That is, the future date has not yet arrived (till 14/01/2012). On 15/01/2012, the cheque will be no longer a post-dated cheque, but becomes a current dated cheque.In India, a cheque should be presented for payment on or after the date that appears on the face of the cheque. This date is also called ostensible date.A banker cannot a pay a post-dated cheque as he has no mandate to debit the account of the depositor earlier than the date of the cheque. In other words, a post-dated cheque should not be paid and should be returned to the holder with the reason, "Cheuque is post-dated" as the payment of a post-dated cheque is fraught with dangers. Since payment of a post-dated cheque, as per Section of the 10 of the Negotiable Instruemnts Act, 1881, is not a payment in due-course, many banks in India will not make payment of the cheque.If any defect in the title of the payee is found later, the banker cannot claim protection and should make good the loss to the ture owner.M.J. SUBRAMANYAM, BANGALORE
What is bank PDC cheque?
PDC = post dated cheque, the date the cheque may be cashed or banked is set in the future.
What is post-dating a cheque?
Post dating a cheque is actually a practice which should be avoided as much as possible. It is the process where you issue a cheque to somebody with the date being a future date. Let us say if you want to issue a cheque to your friend dated 10-Sep-09 then it is a post dated cheque. Your friend cannot encash it before 10th September 2009. This is called Post Dating a cheque.
What does PDC means in terms of payments?
Post Dated Cheque
The leader who described cripps proposal as a post-dated cheque of a crashing bank was?
It's Mahatma Gandhi, the father of the nation described cripps proposal as a post dated cheque.
What is the name of the cheque type that is made out to a future date?
Post dated
Are you allowed to write a post dated cheque in Canada?
Many people do it.
Difference between post-dated check and stale check?
A Post Dated Cheque is one that has a date in future. A Stale Cheque is one in which the date is in the Past. Usually cheques have a validity of around 90 to 120 days. So, lets say someone gave you a cheque in March 2011 and you have still not cashed it, it is a stale dated cheque. Similarly if I give you a cheque with date as 10-May-2012 today (on 14 Jan 2012) it would be a Post dated cheque. In this case, the cheque is valid only on or after 10th May 2012. Until then, it is just a piece of paper and is worthless
How will a post dated cheque you issued for your rent be treated in the balance sheet?
as liabilities
