Bank Reconciliation Questions and AnswersAnswer all questions from question numbers 1 to 9. Each carry one score. Question 1. When the drawee of the bill of exchange makes the payment before the maturity date of the bill is called a. Question 2.
TS Grewal Accountancy Class 11 Solutions Chapter 7 Special Purpose Books I Cash Book
Received a cheque from Hari and sent it to bank. Page No Paid Wages in Cash. Cheque received from Hari Prakash.
Cash Book Dr. Date Particulars L.
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The provision is charged to the profit and loss account and then deducted from the debtors in the balance sheet, thereby showing a realistic figure of the debts owed and what payment the business expects to receive. Borrowed from Mahabir. Jan Test this topic.
Principle of conservatism According to this principle, all possible losses are to be provided for but incomes can be recognised only when there is a certainty. It is so because if the firm does not have cash it cannot make the payment! Interviewers expect a candidate for employment to discuss what they do while they are working in detail. Each carry one score?
Jee asks : Since the bank reconciliation statement should be done on a monthly basis, say if a company has a lot of banks, is it possible to out-source the bank reconciliation to the bank itself and what are the disadvantages? Answer :. In my experience it is not possible to outsource reconciliations to banks because they do not usually offer this service. A business with many bank accounts should have a separate cash book for each account. I know of a lawyer who has five separate bank accounts. Bank reconciliations are performed twice a month for each using bookkeeping software. There is bookkeeping software available, such as Xero, that has the capacity to link directly to the bank account.
Holland 40, Financed by: Capital Balance as at 1! Cash Sales. Bank charges. Kennedy Payslip for week ended ……….
Received cheque from Bharti. Dynamic Test. None of these. Tulloch 6 S.