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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- 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.. 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.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?
- On the back of a check "payable to Huan," Huan signs her name and negotiates the item to Ito. To avoid liability on the item if it is later dishonored, Ito should O a. indorse the check "without recourse." Ob.write, above Huan's signature, "Pay to Ito." c. immediately indorse the check in blank. Od. make a copy of the check and place it in a secure location.Ibra LLC sold OMR 2000 goods to one of their reputed customer Mr Syed and collected the cheque immediately. The company sent the cheque to the bank for deposit, but the bank returned the cheque because of non-sufficient funds in Mr Syed’s account. How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR 2000 from company’s cash book balance b. Add OMR 2000 to Company’s cash book balance c. Deduct OMR 2000 from bank reconciliation statement balance d. Add OMR 2000 to the bank statement balance Clear my choiceAI Naseeb Co. wrote a check for RO 715 which was correctly paid by the bank. However, Al Naseeb incorrectly recorded it on its books for RO 751. The amount to be adjusted on the bank reconciliation would be to: Select one: O a. add RO 36 to the book's balance. O b. minus RO 715 from the book's balance. O . None of the answers are correct. O d. add RO 36 to the bank's balance. e. minus RO 751 from the bank's balance.
- 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…X issued check in favor of Y. X knew at the time of issue that the check has no sufficient fund in the drawee bank. Upon presentment by Y, the bank dishonored the check for insufficiency of fund. Y filed charges against X for violation of BP Blg. 22. X, however, subsequently issued another check to Y in payment of the amount covered by the original check which action was not made known to Y. Can X still be charged with violation of BP Blg. 22 A. No, because no person shall be imprisoned for debt. B. No, because there is no more unpaid debt. C. Yes, because what is punished is the act of issuing a worthless check. D. No, because the subsequent check cleared the offense. B opened a peso savings account with BPI by depositing a check issued to her for her retirement benefits amounting to P200,000. Subsequently, BPI became insolvent and when B sought to withdraw money from her account, she was unable to do so. B then filed a criminal case against D, the bank president, and the other bank…A) If a cheque is converted from bearer to order and from order to bearer does it amount to material alteration? Does it require authentication? B) A cheque of Rs 20000 which had been crossed originally carries below the crossing the words “crossing cancelled” and signed by the drawer and is presented for cash payment on the counter. How would you deal with such situation?
- Linda Blair found the following when carrying out her bank reconciliation: (1) a cheque for $7,523 has not been presented at the bank (ii) a cheque for $560 has been incorrectly recorded as $650 on Linda's bank statement Which of these items will appear in Linda's Bank Reconciliation Statement? O a, both (1) and (ii) O b. () only OC neither (1) nor (i) O d. (i) onlyMelissa 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…Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $500. If an amount box does not require an entry, leave it blank. fill in the blank 2d5507fe6fa0fa7_2 fill in the blank 2d5507fe6fa0fa7_3 fill in the blank 2d5507fe6fa0fa7_5 fill in the blank 2d5507fe6fa0fa7_6 b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $360 and miscellaneous selling expense, $40. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank