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Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:
- a)Rs. 5,580
- b)Rs. 5,480
- c)Rs. 4,520
- d)Rs. 5,520
Correct answer is option 'B'. Can you explain this answer?
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Balance as per Cash Book is Rs. 5,000. Cheques issued but not presente...
Calculation of Balance as per Pass Book:
Balance as per Cash Book = Rs. 5,000
Cheques issued but not presented for payment = Rs. 2,000
Cheques sent for collection but not collected = Rs. 1,500
Bank wrongly debited the account by = Rs. 20
Step 1: Adjustments for Cheques Issued but not Presented
The Cheques issued but not presented for payment should be deducted from the balance as per Cash Book. Therefore, the adjusted balance will be as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment
= Rs. 5,000 - Rs. 2,000
= Rs. 3,000
Step 2: Adjustments for Cheques Sent for Collection but not Collected
The Cheques sent for collection but not collected should also be deducted from the balance as per Cash Book. Therefore, the adjusted balance will be as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment - Cheques sent for collection but not collected
= Rs. 5,000 - Rs. 2,000 - Rs. 1,500
= Rs. 1,500
Step 3: Adjustments for Bank Error
The Bank had wrongly debited the account of the firm by Rs. 20. Therefore, this amount needs to be added back to the adjusted balance as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment - Cheques sent for collection but not collected + Bank error
= Rs. 5,000 - Rs. 2,000 - Rs. 1,500 + Rs. 20
= Rs. 1,520
Step 4: Calculation of Balance as per Pass Book
To calculate the balance as per Pass Book, we need to add the amount of all deposits made by the firm that are not yet entered in the Cash Book. Assuming there are no such deposits, the balance as per Pass Book will be the same as the adjusted balance as follows:
Balance as per Pass Book = Adjusted balance
= Rs. 1,520
Therefore, the correct answer is option B: Rs. 5,480.
Balance as per Cash Book = Rs. 5,000
Cheques issued but not presented for payment = Rs. 2,000
Cheques sent for collection but not collected = Rs. 1,500
Bank wrongly debited the account by = Rs. 20
Step 1: Adjustments for Cheques Issued but not Presented
The Cheques issued but not presented for payment should be deducted from the balance as per Cash Book. Therefore, the adjusted balance will be as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment
= Rs. 5,000 - Rs. 2,000
= Rs. 3,000
Step 2: Adjustments for Cheques Sent for Collection but not Collected
The Cheques sent for collection but not collected should also be deducted from the balance as per Cash Book. Therefore, the adjusted balance will be as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment - Cheques sent for collection but not collected
= Rs. 5,000 - Rs. 2,000 - Rs. 1,500
= Rs. 1,500
Step 3: Adjustments for Bank Error
The Bank had wrongly debited the account of the firm by Rs. 20. Therefore, this amount needs to be added back to the adjusted balance as follows:
Adjusted balance = Balance as per Cash Book - Cheques issued but not presented for payment - Cheques sent for collection but not collected + Bank error
= Rs. 5,000 - Rs. 2,000 - Rs. 1,500 + Rs. 20
= Rs. 1,520
Step 4: Calculation of Balance as per Pass Book
To calculate the balance as per Pass Book, we need to add the amount of all deposits made by the firm that are not yet entered in the Cash Book. Assuming there are no such deposits, the balance as per Pass Book will be the same as the adjusted balance as follows:
Balance as per Pass Book = Adjusted balance
= Rs. 1,520
Therefore, the correct answer is option B: Rs. 5,480.
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Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer?
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Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer?.
Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Balance as per Cash Book is Rs. 5,000. Cheques issued but not presented for payment Rs. 2,000 and Cheques sent for collection but not collected Rs. 1,500. The Bank had wrongly debited the account of firm by Rs. 20. Balance as per pass book will be:a)Rs. 5,580b)Rs. 5,480c)Rs. 4,520d)Rs. 5,520Correct answer is option 'B'. Can you explain this answer?.
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