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Protection of bank paying crossed cheque in accordance with crossing 93.
Effect of payment by drawer or indorser PART VI-DUTIES AND LIABILITIES OF BANKS Division 1-The drawee bank 88. Protection of bank paying improperly raised cheque 92.
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Holder having lien PART III-NEGOTIABILITY OF CHEQUES Division 1-Transfer by negotiation 39. Holder deriving title through holder in due course Division 3-Crossings 53. Drawer and indorsers of cheque not liable unless cheque presented 59. Effect of failure to present within reasonable time 61. (8) An alteration of a cheque is a material alteration if it alters, in any respect, a right, duty or liability of the drawer, an indorser or the drawee bank. (1) Nothing in this Act affects the application in relation to cheques of the rules in bankruptcy in force under the Bankruptcy Act 1966 or the law of an external Territory.
Holder taking cheque for which value has been given 38. Transfer by negotiation back to drawer or indorser 48. Rights acquired by transfer by negotiation Division 2-Holder in due course 50. Presumption that holder is holder in due course 52. Effect of taking cheque crossed "not negotiable" 56. Multiple crossings PART IV-PRESENTMENT AND DISHONOUR Division 1-Presentment 58. (7) A reference in this Act to a cheque, or a copy of a cheque, being exhibited to a person includes a reference to the cheque or the copy, as the case may be, being delivered to the person.
Indorsement where payee or indorsee misdescribed 45. Transfer of stale or dishonoured cheque by negotiation 47. (6) A reference in this Act to a signature or indorsement being written or placed on a cheque without the authority of the person whose signature or indorsement it purports to be includes a reference to the forging of the signature or indorsement.
Payment of unindorsed order cheque as evidence of receipt by payee 114. This Act shall come into operation on such day as is, or on such respective days as are, fixed by Proclamation. (1) In this Act, unless the contrary intention appears- "action" includes a counter-claim and set-off; "Australia" includes the external Territories; "bank" means- (a) the Reserve Bank of Australia; (b) a bank within the meaning of the Banking Act 1959; (c) a person who carries on State banking within the meaning of paragraph 51 (xiii) of the Constitution; or (d) a person (other than a person referred to in paragraph (a), (b) or (c)) who carries on the business of banking outside Australia; "bearer" means the person in possession of a cheque payable to bearer; "building society" has the same meaning as in the Financial Corporations Act 1974; "credit union" has the same meaning as in the Financial Corporations Act 1974; "delivery", in relation to a cheque, means the transfer of possession of the cheque from one person to another; "drawee bank", in relation to a cheque, means the bank upon which the cheque is drawn; "financial institution" means a bank or a non-bank financial institution; "holder" means- (a) in relation to a cheque payable to order - the payee or an indorsee who is in possession of the cheque as payee or indorsee, as the case may be; and (b) in relation to a cheque payable to bearer - the bearer; "issue", in relation to a cheque, means the first delivery of the cheque to a person who takes the cheque as holder; "non-bank financial institution" means- (a) a building society or credit union that is a registered corporation within the meaning of the Financial Corporations Act 1974; and (b) any other registered corporation within the meaning of that Act, being a registered corporation prescribed, or included in a class of registered corporations prescribed, for the purposes of this definition; "possession", in relation to a cheque, means possession (whether actual or constructive) of the cheque; "value" means valuable consideration as defined by section 35. (2) Where a cheque is dated, the cheque shall be conclusively presumed, for the purposes of sub-section (1), to have been drawn on that day. This Act binds the Crown in right of the Commonwealth, of each of the States, of the Northern Territory and of Norfolk Island. (1) A cheque is an unconditional order in writing that- (a) is addressed by a person to another person (being a bank); (b) is signed by the person giving it; and (c) requires the bank to pay on demand a sum certain in money. Meaning of specification of person in cheque as payee or indorsee 20. (2) Section 5, this section and sections 7 to 16 (inclusive), 19 to 24 (inclusive), 30 to 32 (inclusive), 39 to 41 (inclusive), 43 to 45 (inclusive), 53 to 57 (inclusive), 61, 62, 64 to 67 (inclusive), 79, 88, 90 to 95 (inclusive) , 97, 98, 100, 115 and 116 have effect notwithstanding any agreement to the contrary. (1) This Act applies only in relation to cheques drawn on or after the day on which this Act comes into operation.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) Postdated checks entered on Notes payable and he / she must always follow the balance for that account as you must take in your consideration while you make bank reconciliation on monthly basis the post dated checks in order to decrease the balance of Notes Payable by the due dated checks and decrease your bank position as well by the due checks value in to know the accurate status of both Notes Payables And Company Bank's Status.it is a liability, so you can enter on the Maturity date which you have mentioned on cheque, DR to Payable Account & CR To Bank A/c, if you want to enter on the date when you issue cheque To Company then DR Payable A/c & CR To Post Dated Issued A/c, and on the date of maturity DR To Post dated issued A/c & Cr To bank A/c Generally accepted accounting principles (GAAP) and cash accounting methods treat post-dated checks the same way---no journal entry recording. Unfortunately, the answer you are trying to submit has already been added.