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.
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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.
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- 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 LiabilitiesExplain 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.A client pays a firm the outstanding balance on an invoice with her personal cheque. What journal would we expect the firm to use to recor this? O General Journal O Cash Disbursements Journal Cash Receipts Journal O Trust Cash Book
- 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?
- Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the legal position of the paying bank. Who is the drawer, drawee, payee, and holder of the BoE?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 aboveKofi 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.
- 5. Mr. Ahmed has purchased goods from Khalid for OMR 1000. Mr. Khalid requested that instead of paying cash, better to issue him a cheque. Mr. Ahmed write a cheque for OMR 1000. Mr. Khalid lost the same cheque while travelling. What procedure is recommended in this situation? Write any four differences between traditional banking and modern banking Why KYC is mandatory for the banks while opening a bank account?A friend owns a business that extends credit to its customers. The friend has asked you to helps with estimating uncollectible accounts and wants you to make a recommendation. Specifically, your friend is asking: Which of the two methods of estimating uncollectible provides for the most accurate estimate of the current net realizable value of the receivables?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.