What is Date of payment

It is Date of Receipt of Amount in Bank Account

Or

Date of Debit by Recipient (Person Receiving Payment)

Whichever is earlier

Q1

Suppose payment made by cheque on 10 April by Y to X

It is Cleared on 13 April

On 10 April,  X. Passes Entry

Bank  A/C Dr

To Y

However, as per bank statement, Amount will be received on 13 April

What is Date of payment

PARTICULARS DATE
Date of Receipt of Amount in Bank Account  
Date of Debit by Recipient (Person Receiving Payment)  
DATE OF PAYMENT (EARLIER OR 2_)  

ANSWER

PARTICULARS DATE
Date of Receipt of Amount in Bank Account 13-Apr
Date of Debit by Recipient (Person Receiving Payment) 10-Apr
DATE OF PAYMENT (EARLIER OR 2_) 10-Apr


 

Q2

Suppose payment made by cheque dated 18 Aug by Y to X

Cheque is Received by X on 19 Aug

It is Cleared on 21 Aug

On 19 Aug, X. Passes Entry

Bank  A/C Dr

To Y

However, as per bank statement, Amount will be received on 21 Aug

What is Date of payment

PARTICULARS DATE
Date of Receipt of Amount in Bank Account  
Date of Debit by Recipient (Person Receiving Payment)  
DATE OF PAYMENT (EARLIER OR 2_)  

ANSWER

PARTICULARS DATE
Date of Receipt of Amount in Bank Account 21-Aug
Date of Debit by Recipient (Person Receiving Payment) 19-Aug
DATE OF PAYMENT (EARLIER OR 2_) 19-Aug

 

Q3

Amount deposited by Y in X Bank Account on 20 May

X came to know about it only on 31 May

What is Date of payment

PARTICULARS DATE
Date of Receipt of Amount in Bank Account  
Date of Debit by Recipient (Person Receiving Payment)  
DATE OF PAYMENT (EARLIER OR 2_)  

ANSWER

PARTICULARS DATE
Date of Receipt of Amount in Bank Account 20-May
Date of Debit by Recipient (Person Receiving Payment) 31-May
DATE OF PAYMENT (EARLIER OR 2_) 20-May

 

Q4

Online Service Provided on 18 Aug for Rs 10000

Customer made payment by Debit Card via payment gateway CC Avenue

CC Avenue deducted 200 charges and paid 9800 to us on 31 AUG

PARTICULARS DATE
Date of Receipt of Amount in Bank Account  
Date of Debit by Recipient (Person Receiving Payment)  
DATE OF PAYMENT (EARLIER OR 2_)  

ANSWER

PARTICULARS DATE
Date of Receipt of Amount in Bank Account 31-Aug
Date of Debit by Recipient (Person Receiving Payment) 18-Aug
DATE OF PAYMENT (EARLIER OR 2_) 18-Aug

 

 

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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .