Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following: Will she get the cash? If no, justify? Would your answer be the same, if the cheque was bearer? Discuss
Q: facts, if the grocer, knowing A, allows him to pay on a later date, granting then only credit on the…
A: Business gives the credit on goods to increase the business but some time that turns into bad debt…
Q: Ms Laila is running a small electronic shop at Qurm Heights and as at 31* August 2020 she is…
A: Cheques drawn but not yet presented means cheques which has been issued by the company but they are…
Q: II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False.…
A: Bank Reconciliation : It is statement which helps in reconciling the bank statement with the bank…
Q: Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the…
A: Cheque means an instrument where is payable to bearer or order. Bearer cheque means the amount is…
Q: If you want to ensure that your money will be secured if cheques sent are wasted in the post, you…
A: Crossing a cheque by account payee means cheque must be paid into the account of the person to whom…
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: True or false Check number indicates the details of the check paid by the bank. The recipient of the…
A: Check numbers are for your reference so you can keep track of transactions. The bank doesn't rely on…
Q: Ms Laila is running a small electronic shop at Qurm Heights and as at 31* August 2020 she is…
A: Cash book is a record containing the cash receipts and payments including all the bank deposits and…
Q: Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank,…
A: Hawalah is informal Transaction between Financial beneficiary. It does not include Baking…
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: Mr. Jayaraj found that this cash balance as on 28-2-2018 as per cash book was erent from that of the…
A: The bank reconciliation statement is prepared to adjust the bank balance and cash balance to make…
Q: Use legal basis in answering M signed a blank check and put it in his office table. B stole it and…
A: The stolen check of M is negotiated with C and C presents it for payment to the bank but the bank…
Q: Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to…
A: Ans. When two parallel lines are drawn at the corner of a cheque it is called a cross cheque. A…
Q: Pol?e??er i? a direc?or of S??le P??? Limi?ed in?ol?ed in making ?omen?? clo?hing?Situation 1. She…
A: Yes, she has infringed the contract. Being the company's director, she transferred the money from…
Q: Khalid is working in a bank. He is confused with regard to ledgers and registers. From the below…
A: Loan is a source of financing provided by the bank to its customers. It can be short term or long…
Q: DA person arranges to pay his monthly telephone bill automatically from his checking account. What…
A: Introduction: Banks: Banks accepts deposits from public and give loans to the public who needed.…
Q: If you want to ensure that your money will be secured if Cheques sent are wasted in the post, you…
A: Cheques are negotiable instruments against which cash can be received. By crossing a cheque, the…
Q: A) If a cheque is converted from bearer to order and from order to bearer does it amount to material…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Peter uses a savings account with a bank. The contract between Peter and the bank is one of: D.…
A: Peter uses a savings account with a bank. The savings account is a primary account type that lets…
Q: Chris pays a fee if her bank balance falls below $10 on the statement date. Prior to the statement…
A: Answer: The solution of the inequality required for the situation is d≥$13.46.
Q: The bill of exchange written by W states that BPI Family Savings Bank will get the reimbursement of…
A: A written order or promise by the maker of the document to pay a specified sum of money to some…
Q: awer and is presented for cash payment on the counter. How would you deal with such situation?
A: The cheque would be paid across the counter as the cheque is no more a crossed cheque but an open…
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: Ms. Sara has started a Furniture Manufacturing Company and opened a Business bank account in Bank…
A: Bank Reconciliation Statment is the statement which shows the differences between the bank balance…
Q: A person is called a customer of a bank when he/she
A: The bank institution is a financial institution helps to keep our money safe.
Q: Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash…
A: Introduction:- Basic information as follows under: Credit balance in Current Account RO 97,000 Cash…
Q: Dani signed a "Cheque" to the order of Rami with the value of $500 while his account only has $ 300.…
A: Given, Balance in account = $300 Cheque signed = $500
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: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…
A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…
Q: a. How much interest did Jo pay the bank for the use of its money? b. How much did he receive from…
A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…
Q: To deposit money in your business's bank account you should use O A cheque book O A bank statement O…
A: The Question has covered the concept of Cheque book, deposit slip, withdrawal slip, bank statement.…
Q: This is two parts of one question, answer both 1.1 Top Drawer Cleaning CC has received a cheque…
A: Cross Cheque The purpose of issuing cross cheque to safeguard the transaction which are incurred at…
Q: A check was presented to be collected in favor of the customer. Ahmed has a savings account in the…
A: Answer: Whenever any amount has been issued to transfer between banks the entry is posted as: Bank…
Q: Example 1 Allison currently has a balance of $2,300 in her checking account. She deposits a $425.33…
A: The balance in the account after all the transactions is calculated as follows:
Q: PRINCIPAL is money paid to you by the bank for letting them use your money. Your answer: O Yes O No
A: A bank is a financial institution made to receive deposits and make loans.
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: Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the…
A: Drawer: the person or entity whose transaction account is to be drawn. Usually, the drawer's name…
Q: When a depositor can take out more than the amount of funds, he/she has within an account is known…
A: Solution:- Taking out more funds means withdrawing more funds than the actual balance in the bank…
Q: Mpho cannot understand why the balance of her bank account in the general ledger does not balance to…
A: Introduction: A bank statement is a list of any and all transactions for a specific time period,…
Q: Explain clearly how would you deal with the cheque if the cheque has been lost and Mr. James asks…
A: A cheque seems to be a written document on which you put the sum of money to be delivered and the…
Q: Debbie Dean issued a check to Betty Brown payable to the order of Cathy Cain and Betty Brown. Betty…
A: Case summary:
Q: what happen to the account if the owner pay trade payable using own personal bank?
A:
Q: 1. What do you think are conditions that must be met if the banker is to honor the customer's…
A: Banks accepts deposits from the customer, so they become liable to repay the amount to the customer…
Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following:
Will she get the cash? If no, justify?
Would your answer be the same, if the cheque was bearer? Discuss
Step by step
Solved in 2 steps
- Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter. Keeping this situation in mind, comment on the following: Will she get the cash? If no, justifyWould your answer be the same, if the cheque was bearer.Explain clearly how would you deal with the cheque if the cheque has been lost and Mr. James asks if your branch will stop payment of the cheque if it is presented. He leaves his telephone number in case of need. The cheque is discovered in the days clearing. It is properly drawn in favor of Mr. Ward James and is endorsed “Ward James” on the back.c. Compare the amounts of money that Mitch and Bill deposit into their accounts. Mitch deposits $enter your response here in his account and Bill deposits $enter your response here in his account.
- If you want to ensure that your money will be secured if Cheques sent are wasted in the post, you should ?Suppose Mr. Ahmad and Mr. Akram are the current and saving account holders in an Islamic bank, respectively. Mr. Ahmad andMr. Akram have made payments to their vendors against credit sale through checks and they also made a gratuitous payment totheir relatives through checks separately. Please answer following considering scenario:II. Explain whether the transactions made by Mr. Ahmad and Mr. Akram are based on Hawalah. Please also specify theform of Hawalah in each situation, if any.Use legal basis in answering M signed a blank check and put it in his office table. B stole it and filled up the amount and wrote his name as payee. B, negotiated the check to C who paid value therefor in good faith. C, presents it for payment to the drawee bank, but the bank refused to pay due to the stop payment order previously given by A. Can C, collect from M the amount of the check? Can C run after B?
- Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an account at National City Bank. Use following the T-account for SunTrust Bank to show how it is affected after the check clears. Assets Liabilitiesif you issued a cheque to the customer who supplied you goods for sale and the bank manager declines to cash it, what justification would you accept for his decision?Kofi Ansah, who maintains an account with KYZ bank ltd has presented a cheque he received from one of his business partners, Kwaku Abban, who saves with DDK bank for payment.i. ii.Identify the various parties to the cheque presented by Kofi Ansah. Which of the banks is the paying bank? Justify your answer. iii.(b) The major duties of a banker are to honour the repayment obligation of his customer. Critically analysethis statement.
- Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor?Mpho cannot understand why the balance of her bank account in the general ledger does not balance to the monthly bank statement that she receives from the bank. Required: Give Mpho three (3) reasons why a difference may occur between the balance of her bank account in the general ledger and the balance on the monthly bank statement. For each reason briefly explain, in your own words, why the difference arises. Provide one example of each reason.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