Dani signed a "Cheque" to the order of Rami with the value of $500 while his account only has $ 300. Rami presented the Cheque for collection, but it was returned to him by "BLOM BANK". When presented to BLOM BANK, which of the following statements must be stamped on the Cheque? *
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- . Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons.Pinky is confused about the lack of agreement between the cash balance per books andthe balance per the bank. Explain the causes for the lack of agreement to Pinky, and givean example of each cause. Mahmudul extended credit to customer Shanawaz in the amount of $130,900 for hispurchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost ofthe purchase to Mahmudul is $56,200. On September 4, Mahmudul determined thatShanawaz account was uncollectible and wrote off the debt. On December 3 Shanawazunexpectedly paid in full on his account.Required: Record each Mahmudul transaction with Shanawaz. In order to demonstratethe write-off and then subsequent collection of an account receivable, assume in thisexample that Mahmudul extends credit directly, so this transaction is permitted to use thedirect write-off method. Remember, however, that in most cases the direct write-offmethod is not allowed. Efaz Company has been using the FIFO cost flow method during a…On April 1, Moore gave Pipkin a check properly drawnby Moore on Zebra Bank for $5,000 in payment of apainting to be framed and delivered the next day. Pipkinimmediately indorsed the check and gave it to YeagerBank as payment in full of his indebtedness to thebank on a note he previously had signed. Yeager Bankcanceled the note and returned it to Pipkin.On April 2, upon learning that the painting had beendestroyed in a fire at Pipkin’s studio, Moore promptlywent to Zebra Bank, signed a printed form of stop payment order, and gave it to the cashier. Zebra Bankrefused payment on the check upon proper presentmentby Yeager Bank.a. What are the rights of Yeager Bank against Zebra Bank?b. What are the rights of Yeager Bank against Moore?c. Assuming that Zebra Bank inadvertently paid theamount of the check to Yeager Bank and debitedMoore’s account, what are the rights of Mooreagainst Zebra Bank?
- The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of the payment from W’s savings account. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above The bill of exchange written by X indicates that for the payee to receive the money from the drawee bank, the payee must first sell his house and car and give the proceeds to charity. What element is present in this situation? A. There is an unconditional order to pay. B. There is period to pay the bill. C. It is payable to order D. None of the above1. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks? A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank. B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank. C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court. D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date. 2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”? A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within…The balance of the fund appeared in the books of the company at an amount of 200 dinars, and upon inventorying the actual cash in the fund, an amount of 600 dinars was found Required: To make the necessary registration on the basis that the cashier is an ordinary employee who receives a monthly salary of 200 dinars, where he has suspended the difference amount, and later it becomes clear that the amount that he suspended belongs to one of the clients and the cashier closed the suspended record accordingly.
- 1.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit settlement discount granted account (R500). B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C)Debit debtors' control (R5 000), credit bank account (R 4 500), and credit settlement discount received account (R500). D)Debit bank account (R4 500). credit debtors' control account (R5 000), and debit settlement discount granted account (R500).X sent his Y P1,000 via a telegraphic transfer through the Bank of D. The bank's remittance clerk made a mistake and credited Y with P1,000,000 which she promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Y refused. The BIR entered the picture and investigated Y. How much income, if any, does Y earn from the above facts?I need help with the final step. It says i have everything else correct but im at a loss for the final step On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,316. The balance shown on the bank statement on the same date was $13,217. Notes The firm’s records indicate that a $1,490 deposit dated August 30 and a $705 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $340 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.) The following checks were issued but have not yet been paid by the bank: Check 712, $ 114 Check 713, $ 129 Check 716, $ 242 Check 736, $ 581 Check 739, $ 82 Check 741, $ 124 A credit memorandum shows that the bank collected a $2,104 note receivable and interest of $67 for the firm. These amounts have not yet been entered in the…
- On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in…On 30th June, 2015, D’s Cash Book showed that he had an overdraft of $ 300 on his Current Account at the bank. On checking the Cash Book with the bank statement you find the following: (a) Cheques drawn amounting to $ 500 had been entered in the Cash Book but had not been Presented; (b) Cheques received, amounting to $ 400, had been entered in the Cash Book but had not been credited by the bank ; (c) On instructions from D the bank had transferred interest, $ 60, from his deposit account to his current account recording the transfer on 5th July 2015. This amount had, however, been credited in the Cash Book as on 30th June, 2015. (d) Bank charges, $ 35, shown in the Bank statement had not been entered in the Cash Book; (e) The payment side of the Cash Book had been undercast by $ 10 ; (f) Dividends amounting to $ 200 had been paid direct to the Bank and not entered in the Cash Book ; (g) A cheque of $ 50 drawn on deposit account had been shown in the Cash Book as drawn…Yardworx reconciled its book balance of Cash with its bank statement balance on April 30 and showed two cheques outstanding at the time, #1771 for $15463 and # 1780 for $955.65. The following information is available for May 31, 2020 reconciliation: From May 31, 2020 bank statement: Cheque #1788 was correctly written for $985.65 to pay for May utilities however, the bookkeeper misread the amount and entered it in the accounting records with a debt to Utilities expenses and credit to Cash as though it were for $895.65. the bank paid ad deducted the correct amount. The NSF cheque was originally received from a customer, Gertie Mayer, in payment of her account. Its return was unrecorded. The credit memo resulted from $5300 electronic fund transfer for the collection of a customer payment. The bank had deducted a $100 bank service charge fee. The collection has not been recorded in the company books. Required: Prepare reconciliation for yardworxs Prepare the general journal entries…