A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss

A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....

See similar textbooks

Related questions

Q: Problem 5. Mary Jane is the cashier of Chinita Girl Corporation. As representative of the Zarate and…

A: Petty Cash Book- The petty cash book is a recordation of paltry cash expenditures, sorted by time.…

Q: Roger Richman owns Richman Blankets. Answer thw following questions. (a) He asks you to explain…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: Ms Yasai is the sole owner of Bean Sprout Production House. On 31 May 2020, the bank balance in the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Prepare a bank reconciliation in good form. 2. Record the necessary journal entries on the company's…

A: The bank reconciliation statement is the statement prepared by the business entity after receiving…

Q: Kofi Ansah, who maintains an account with KYZ bank ltd has presented a cheque he received from one…

A: i) Following are the parties in the given scenario:

Q: Question 2…

A: The bank reconciliation helps to adjust the balance as per company records and as per bank statement…

Q: PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study…

A: Particular amount particular amount To cash 10,00,000 by creditors 2,54,321 To debtors…

Q: Q.1.2 Open, post to and balance the bank account in the general ledger. Q.1.3 Compile the bank…

A: Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to know…

Q: - 5 The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at…

A: The answer is as fallows

Q: QUESTION 3 NonnScents Enterprise is a company operated in Changlon, Kedah. As of 31 October 2021,…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: XYZ LLC dealing all its transactions through its bank to avoid employee fraud and theft. For…

A: Bank Reconciliation statement is a statement which is prepared to reconcile cash balance as per cash…

Q: Q. 3 From the following particulars ascertain the bank balance as per the cash book of Naveed & Co.…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: QUESTION 6 You are provided with information relating to Umdoni Stores. The following information…

A: The cash book is one of the important book in which many manipulations can takes place. So cash book…

Q: Mr. Ahmed has purchased goods from Khalid for OMR 1000. Mr. Khalid requested that instead of paying…

A: In the given case, Mr.Khalid lost the cheque for OMR 1,000 and as per details the cheque is drawer…

Q: ACTIVITY 2 BANK RECONCILIATION PROBLEM: Prepare a bank reconciliation statement using the adjusted…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Section B In this section describe the process of Opening a business bank account in detail. Tell…

A: Answer: Opening business bank account: The business bank account is opened by the branch of bank in…

Q: Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading.…

A: Analysis and adjustment of differences between the cash balance shown on a bank statement, and the…

Q: NonnScents Enterprise is a company operated in Changlon, Kedah. As of 31 October 2021, NonnScents…

A: A bank reconciliation statement refers to the one prepared by the company to tally the bank balance…

Q: When purchases are made for the joint venture out of joint bank account, the_____ account is…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What is the correct cash receipts for the month? 6. Using the same information in the previous…

A: Correct cash receipts during the month 1) Current month - Time deposit matured - P 600,000 - The…

Q: PA9. Domingo Company received the following bank statement. Using the following information, prepare…

A: The bank reconciliation statement is prepared to match the cash transactions of cash book and bank…

Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…

A: Prepare the journal entries in the journal for all the 10 Points

Q: QUESTION 24 A check was written by a business for $205, but was recorded in the business' books as…

A: Dear student, since you have specified Question #24 to be answered, I am posting the answer for the…

Q: Q.No.4 Mr. Ali compared his cash book with bank statement and found some discrepancies notably as…

A: given Cash balance as per cash book 99,150

Q: Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B…

A: Joint account which are operated by both jointly.

Q: X and Y holds joint account in Bank in which the mode of operation is jointly one fine day Y…

A: A joint account is a bank or brokerage account that is shared by two or more people. Joint account…

Q: QUESTION 1 The following information is available to Gabuih Enterprise as of 31 December 2020: 1.…

A: Preparation of bank Reconciliation statement are as follows Bank reconciliation statement prepared…

Q: Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B…

A: A joint account is a frank statement that has been opened by at least two people or substances.…

Q: Continue using the journal and journalize the following transaction: Mar. 31. Received bank…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: P4.4B The August 31 bank statement of Palm Harbor Apartments has just arrived from Florida First…

A: Bank Reconciliation Statement is a statement prepared to reconcile the difference between the…

Q: A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived…

A: A joint account is shared by two or more individuals, and all the individuals have the same right on…

Q: No.5 Learning Example Whilst preparing a bank reconciliation statement at 31 December. The following…

Q: Question 3 Valerie Kho is a sole trader who records all her cash and bank transactions in a…

Q: Subject: Financial Accounting II Q.1 A company receives a bank statement. The balance on its cash…

A: A. Balance as per bank statement Particulars Amount Balance as per cash book 16,00,000 Cash…

Q: 11. Tine withdrew from his current bank account the sum of P120,000 and exchanged it for the bank’s…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: QUESTION 4 Which of the following statements are correct? Pick two correct answers. Deposits are…

A: Deposits normally created by the bank when some one new customer open account with in the bank and…

Q: Assign the letter to indicate whether the following items would be added from the company's books or…

A: The bank reconciliation statement is prepared to adjust the balance of cash book and pass book to…

Q: Abdullah issued a cheque in favor of Khalid for OMR 1,500/- and left abroad. Khalid presented the…

A: If the cheque issuer fails to make a fresh payment within 30 days of receiving the notice, the payee…

Q: the following particulars of Al Nava Industries LLC, prepare bank reconciliation statement as on…

A: Due to transactions in transit and direct transactions in banks, the balance of cash book and pass…

Q: The account holder may use the withdrawal slip to get money from his checking account.

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Identify what reconciling item of the book or bank the following independent transaction.…

A: This statement is prepared in order to identify the difference between balance of Bank Statement and…

Q: Q31) Fahim is a businessman and wants to start a business in another country. What type of bank…

A: An overdraft facility is a credit enhancement where the lending institution provides a facility to…

Q: Accounting Q/ Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of…

A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Q4 A and B holds joint account in Bank in which the mode of operation is jointly one fine day B arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

X and Y holds joint account in Bank in which the mode of operation is jointly one fine day Y arrived in branch to get the account statement of the account and suppose you are the banker what will you do in this situation, whether you will give the same or not? Discuss.
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
Question 5 Which 2 statements are true regarding using bank rules in QuickBooks Online? Rules are applied based on how many conditions are set You can select which rules to apply if you open the transaction Rules override a suggested match QuickBooks Online only applies one rule per Rules apply to unaccepted transactions only
Question Y O1 3U. Which of the following facility a Mobile Banking customer cannot use? O Facility for using banking facility from anywhere O Option to pay utility bills and Transfer of funds between accounts of same bank and other banks O Facilities of withdrawing cash anywhere anytime O Balance Enquiries and facility for shopping and paying through mobile
LORO account will involve a O a. Mediator O b. New bank account O c. Correspondent Bank O d. Foreign Bank
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit
Statement I: A customer is any person, firm or company which has a bank account and for whom the banker has agreed to provide all the banking facilities. Statement II: Even the single deposit in the account is enough to designate the person as a customer of the bank. In the above statements: a. Only II is correct b. Both I and II are not correct c. Only I is correct d. Both I and II are correct
A bank statement ☐ is a bill from the bank for services rendered ☐ lets a depositor know the financial position of the bank as of a certain date О shows the activity which increased or О decreased the depositor's account balance is a credit reference letter written by the depositor's bank
Question: 1.What is the correct source documents for bank charges from business bank account. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.
6 Ted owns Ted's Blankets. Ted asks you to explain how he should treat the following reconciling items when reconciling the company's bank account. The bank charged to our account a check written by another company. A debit memorandum for a bank service charge. Outstanding checks. A deposit in transit.
Pol?e??er i? a direc?or of S??le P??? Limi?ed in?ol?ed in making ?omen?? clo?hing?Situation 1. She arranges with the compan??? bank ?o ?ran?fer an amo?n? of ??????? from ?he company account into a personal bank account held by her in her own name. She uses the funds to finalise some outstanding personal debts.Situation 2. As a director she receives information that the company is in a serious financial position. She arranges to transfer a larger amount of the assets of the company over a new proprietary company that she formed with the intention of caring on the same business.Situation 3. Contrary to a resolution of the Board and notwithstanding established business practice that limits credit to $20,000 she allows a trade debtor (who has a history of bad debts) to exceed its credit limits by $25,000. The debtor fails to pay the outstanding amount of $45,000. Can she rely on the business judgment rule in this situation?Required: Has she breached any duties under the Corporation Act in…
Q.3 Explain the following terms in your own words:a) On which side opening cash balance should be recorded in the cash book?b) Is it possible that we sale goods for Rs. 20,000 and receive Rs. 19,000, if yes than explainwith reason?c) If bank credited interest on securities in our account than on which side we should recordthat interest in the double column cash book?d) In which case bank debited our account and what will be the accounting treatment in ourbooks?e) If owner pay his university dues from the bank balance of business, what will be theeffect of this transaction on cash book?