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Test: Bank Reconciliation Statement- Case Based Type Questions - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Bank Reconciliation Statement- Case Based Type Questions

Test: Bank Reconciliation Statement- Case Based Type Questions for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Bank Reconciliation Statement- Case Based Type Questions questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Bank Reconciliation Statement- Case Based Type Questions MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Bank Reconciliation Statement- Case Based Type Questions below.
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Test: Bank Reconciliation Statement- Case Based Type Questions - Question 1

Read the following hypothetical Case Study and answer the given questions:

Given below is a hypothetical extract from the Cash Book and Pass Book of M/s Ganjan Traders.

The total amount of cheques paid into bank for collection but not yet credited by the bank is __________

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 1
The total amount of cheques paid into bank for collection but not yet credited by the bank is ₹37,000
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 2

Read the following hypothetical Case Study and answer the given questions:

Given below is a hypothetical extract from the Cash Book and Pass Book of M/s Ganjan Traders.

The bank charges of ₹1,400 shown in the Pass book and not the cash book will come in the ___________ column of the amended Cash Book.

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 2
The bank charges of ₹1,400 shown in the Pass book and not the cash book will come in the bank column of the amended Cash Book.
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Test: Bank Reconciliation Statement- Case Based Type Questions - Question 3

Read the following hypothetical Case Study and answer the given questions:

Given below is a hypothetical extract from the Cash Book and Pass Book of M/s Ganjan Traders.

Which of the following statement is not correct?

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 3
Cheque issued but not presented for payment is a cheque which has been written and sent to the suppliers or creditors by the business. However, it has not yet been presented at the bank by the suppliers or creditors. So, the business records such cheques in the cash book before it is recorded in the pass book by the bank.

Thus, such cheques reduce the balance as per cash book and not balance as per pass book.

Test: Bank Reconciliation Statement- Case Based Type Questions - Question 4

Read the following hypothetical Case Study and answer the given questions:

Given below is a hypothetical extract from the Cash Book and Pass Book of M/s Ganjan Traders.

On ___________ side of the amended cash book will the amount paid by the bank as insurance premium on the behalf of the customer will come.
Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 4
On credit side of the amended cash book will the amount paid by the bank as insurance premium on the behalf of the customer will come.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 5

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:

On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:

• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.

• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.

• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.

• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.

• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.

• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.

• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.

• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.

The amount of cheque not credited until April 2015 will be recorded as a _______ item in the bank reconciliation statement.

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 5
The amount of cheque not credited until April 2015 will be recorded as a minus item in the bank reconciliation statement.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 6

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:

On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:

• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.

• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.

• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.

• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.

• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.

• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.

• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.

• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.

Which of the following amount will be shown in the plus item column of the bank reconciliation statement with regard to the cheques that were issued but not presented to the bank?

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 6
₹1,500 will be shown in the plus item column of the bank reconciliation statement with regard to the cheques that were issued but not presented to the bank.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 7

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:

On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:

• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.

• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.

• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.

• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.

• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.

• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.

• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.

• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.

The amount not entered in the cash book as it was directly deposited in the bank by a customer will be recorded as a ________ item in the bank reconciliation statement.

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 7
The amount not entered in the cash book as it was directly deposited in the bank by a customer will be recorded as a plus item in the bank reconciliation statement.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 8

Study the following hypothetical transactional detail of Mr. Keshav and answer the given questions:

On 31st March, 2019 the bank column of the Cash Book of Mr. Keshav disclosed an overdraft balance of ₹8,300. On examining the cash book and bank statement you find that:

• Cheques were deposited into the bank for ₹16,000 but of these cheques for ₹4,600 were cleared and credited in April 2015.

• Cheques were issued for ₹7,500 out of which cheques for ₹6,000 had been presented for payment in March 2019.

• In March Mr. Keshav had discounted with a bank a bill of exchange for ₹10,000 and had entered this amount in the Cash Book, but the proceeds credited as shown by the Passbook, amounted to ₹9,600.

• No entry is made in the Cash Book of an amount of ₹6,100 directly deposited by a customer in the bank accounts.

• Bank Column of the payment side of the Cash Book was undercast by ₹1,000.

• Payment of Insurance premium of ₹2,000 and receipt of insurance claim of ₹8,000 appear in the Passbook but not entered in the Cash Book.

• A cheque for ₹3,500 issued to Mr. Kapil was omitted to be recorded in the Cash Book.

• A cheque for ₹2,800 issued to Mr. Darshan was entered in the cash column of the Cash Book.

Where will the payment of insurance premium be recorded?

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 8
At the end of any accounting period, the amount of the insurance premiums that remain prepaid should be reported in the current asset account, Prepaid Insurance. The prepaid amount will be reported on the balance sheet after inventory and could part of an item described as prepaid expenses.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 9

Consider the following statements with respect to the transactions shown only in the cash book:

(i) Cheques issued but not yet presented in the bank for payment.

(ii) Cheques deposited into the bank but not yet credited or collected.

(iii) Cheques deposited into the bank but dishonoured.

Identify the correct statement/statements:

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 9
A cash book is a subsidiary of the general ledger in which all cash transactions during a period are recorded. The cash book is recorded in chronological order, and the balance is updated and verified on a continuous basis. There are three common types of cash books: single column, double column, and triple column. Banking & FinanceFinance ManagementGrowth & Empowerment. Cash book records all the transactions related to cash in an organization. Transactions are recorded according to their type (debit or credit). These are recorded in chronological order. Cash book can be both a journal and a ledger.
Test: Bank Reconciliation Statement- Case Based Type Questions - Question 10

Consider the following statements with regard to the need for preparing the Bank Reconciliation Statement:

(i) It helps the management in checking the accuracy of entries recorded in Cash Book.

(ii) It helps in keeping the track of cheques etc., sent to the bank for collection. Any undue delay in the clearance of cheques can be noticed.

(iii) It helps in bringing out any errors that may have been committed either in cash book or in the pass book.

Identify the correct statement/statements:

Detailed Solution for Test: Bank Reconciliation Statement- Case Based Type Questions - Question 10

Bank reconciliation statements ensure payments have been processed and cash collections have been deposited into the bank. The reconciliation statement helps identify differences between the bank balance and book balance, in order to process necessary adjustments or corrections.

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