What is the basic obligation of a depository bank to its depositor?
Q: Bears Entity revealed the bank statement balance on December 31 at P8,500,000. • A deposit of…
A: adjusted cash in bank on December 31= balance as per bank + deposit in transit - outstanding check +…
Q: Assume that Money Wang sells his bonds to BSP amounting to P50,000. From this, Money Wang receives a…
A: Required reserve ratio is the amount which is to be kept aside by the bank and not lent it to the…
Q: A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of…
A: Deposit is Insured up to 5,00,000 As per PDIC. 1.Account 1: It is held by the A only. this is a…
Q: Nose Mask Ltd (Nose Mask) is preparing his bank reconciliation at 31st May 2019. His bank statement…
A: Bank Reconciliation statement reconciles or tallies the balance as per bank records and balance as…
Q: he accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: A bank statement is generally provided by the bank. Apart from bank statements, the company…
Q: From the following particulars of Al Zahra LLC, prepare bank reconciliation statement as on Oct 31,…
A: Bank reconciliation statement is a statement prepared on periodical basis to check whether bank…
Q: I need help with the final step. It says i have everything else correct but im at a loss for the…
A: Required journal entries:
Q: Cash balance per bank, July 31, $6,185. 2. July bank service charge not recorded by the depositor,…
A: The initial, meticulous recording of all monetary business transactions is called a journal entry.…
Q: What is the basic obligation of a depository bank to its depositor?
A: Depository banks are the banks which act as an agent of the investors and provide various service…
Q: Assume that Money Wang sells his bonds to BSP amounting to P50,000. From this, Money Wang receives a…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Coaster’s Co. earns 2% interest on their checking account. On the last bank statement, the bank only…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Assume that Money Wang sells his bonds to BSP amounting to P50,000. From this, Money Wang receives a…
A: Bonds payable is a long-term liability in which the bonds has been issued in lieu of amount borrowed…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: Bank reconciliation statement is prepared with a view to reconcile the cash balances as per bank…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: Financial transactions are initially recorded in the form of journal.
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A:
Q: In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information:…
A: Bank reconciliation statement helps the identify the difference between bank account and book…
Q: The following information is for Pharoah Company: 1. Cash balance per bank, July 31, $6,185. 2.…
A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per entity's…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: A cash book is a type of financial journal that records all cash inflows and outflows, including…
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: Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the…
A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per cash…
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: X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: XYZ company is closing its books and must prepare a bank reconciliation for the following items. a.…
A: Bank Reconciliation:-It is a statement where bank balance appears in passbooks get matches with the…
Q: month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on…
A: Bank reconciliation statement is prepared by a firm to identify the financial transactions due to…
Q: 3. Melissa Jackson , Bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the…
A: Every business needs to have an accurate estimate of the cash status.
Q: Jenna issued a check amounting to P50,000 on January 15, 2021 knowing that she has a balance of…
A: The cheque is a written document in which the issuer ordered the bank to pay a specific amount to…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: The bank mistakenly withdraws a check amounting $75,000 on the company’s account. What is the…
A:
Q: Serato Company keeps all its cash in a checking account. An examination of the entity’s accounting…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking…
A: In case of bank insolvency, the individual can claim up-to 2/3 of the available amount in all of the…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: A firm may involve in many cash transactions during a period which are to be recorded in the firm's…
Q: X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking…
A: PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC) offers PhP500,000 per banking depositor with maximum…
Q: Serato Company keeps all its cash in a checking account. An examination of the entity's accounting…
A: Bank reconciliation refers to tally the balances of passbooks from the accounting records kept by…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: As per the requirement adjusted cash book , journal entry and bank reconciliation statement of Fidel…
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: Additional data for the bank reconciliation include the following: The EFT deposit was a receipt of…
A: Additional information are as : 1. EFT deposit and EFT debit are not recorded in bank book of…
Q: Ms Yasai is the sole owner of Bean Sprout Production House. On 31 May 2020, the bank balance in the…
A: The cash book is prepared to update the balance with various adjustments.
Q: A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as…
A: A cheque is drawn for RM 609 for the purpose of payment of liability but entry is recorded for RM…
Q: On 1 August 2021, the owners of the ABC Enterprise, Maurice & brothers, decided that they will…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: Which of the following statements about the company's financial operations and financial decisions…
A: A checking account, also known as a demand account or transactional account, is a deposit account…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: 1. Cash Book Date Account Titles Debit Credit Balance Nov. 30 Beginning balance $12,800…
Q: On 17 January 2021, SA Traders, a debtor of Africa Traders, did a direct deposit payment of R11 0…
A: JF termed as Journal entries reporting of the transactions into the day book of the business and it…
- What is the basic obligation of a depository bank to its depositor?
- Enumerate and explain the different kinds of deposit.
- X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain.
Step by step
Solved in 2 steps
- X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain. ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain. ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons. A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of…What is the basic obligation of a depository bank to its depositor? Enumerate and explain the different kinds of deposit. ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
- Show how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the following facts, can you help her complete the June 30, 2020, reconciliation? The bank statement showed a $2,955.82 balance. Melissa's checkbook showed a $3,301.82 balance. Melissa placed a S510.19 deposit in the bank's night depository on June 30. The deposit did not appear on the bank statement. The bank included two DMs and one CM with the returned checks: $690.65 DM for NSF check. $8.50 DM for service charges, and $400.00 CM (less $10 collection fee) for collecting a $400.00 non-interest-bearing note. Check No. 811 for $110.94 and check No. 912 for $82.50, both written and recorded on June 28, were not with the returned checks. The bookkeeper had correctly written check No. 884. $1,000, for a new cash register, but she recorded the check as $1,069. The May bank reconciliation showed check No. 748 for $210.90 and check No. 710 for $195.80 outstanding on April 30. The June bank statement…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 above
- 1. 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…A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the PDIC? Explain.a. Illustrate and record the following events on a T account John deposits his $10,000 paycheck into his checking account at Chase Bank b.Chase Bank deposits the check at the Fed and Fed collects the funds for Chase Bank c.What happens to a bank's reserves when it receives a deposit? d.John withdraws $2000 cash and pays his rent. His landlord deposits the $2000 in Citi Bank
- XYZ company is closing its books and must prepare a bank reconciliation for the following items. a. Bank statement contains an ending balance of P300,000 on February 28, 2018, whereas the company's ledger shows an ending balance of P260,900 b. Bank statement contains a P100 service charge for operating the account. c. Bank statement contains interest income of P20 XYZ issued checks of P50,000 that have not yet been cleared by the bank XYZ deposited P20,000 but this did not appear on the bank statement. d. A check for the amount of P470 issued to the office supplier was misreported in the cash payment journal as P370. e. A note receivable of P9,800 was collected by the bank. f. A check of P520 deposited by the company has been charged back as NSF.Ms Yasai is the sole owner of Bean Sprout Production House. On 31 May 2020, the bank balance in the bank column of Cash Book shows a debit balance of RM8, 540. The bank statement received for the month, however, shows a different balance. The difference was due to the following difference: Cheque number 130060 of RM2, 599 received from MM Enterprise on 29 May 2020 is yet to be credited by the bank. The bank has not credited the cheque (no: 203430) which was received from Heather (trade receivables) amounting to RM1, 677. Cheque (no: 1593280) for RM 650 that was paid to Sofy Trading has yet to be presented. Dividend of RM760 from Basmathi Bhd has not been recorded in the Cash Book. The bank has paid RM1, 050 for the premise’s insurance due to a standing instruction setup by Ms Yasai. Bank charges of RM25 has not been recorded in the Cash Book. Jae, a customer, has settle her debt of RM3, 250 by direct online transfer into Bean Sprout Production House’s account. Cheque (no: 132382) that…Ms Yasai is the sole owner of Bean Sprout Production House. On 31 May 2020, the bank balance in the bank column of Cash Book shows a debit balance of RM8, 540. The bank statement received for the month, however, shows a different balance. The difference was due to the following difference: Cheque number 130060 of RM2, 599 received from MM Enterprise on 29 May 2020 is yet to be credited by the bank. The bank has not credited the cheque (no: 203430) which was received from Heather (trade receivables) amounting to RM1, 677. Cheque (no: 1593280) for RM 650 that was paid to Sofy Trading has yet to be presented. Dividend of RM760 from Basmathi Bhd has not been recorded in the Cash Book. The bank has paid RM1, 050 for the premise’s insurance due to a standing instruction setup by Ms Yasai. Bank charges of RM25 has not been recorded in the Cash Book. Jae, a customer, has settle her debt of RM3, 250 by direct online transfer into Bean Sprout Production House’s account. Cheque (no: 132382) that…
