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A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs?
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A bill of exchange for ₹1000 was discounted by senthamarai traders wit...
Recording dishonored bill in BRS
Identifying the issue:
- A bill of exchange for ₹1000 was discounted by Senthamarai Traders with its bank.
- The bill was dishonored on 30th March 2018.
Understanding the impact:
- When a bill is dishonored, it means the party responsible for payment failed to honor their obligation.
- This results in a loss for the holder of the bill, in this case, Senthamarai Traders.
Recording in BRS:
- In the Bank Reconciliation Statement (BRS), the dishonored bill needs to be recorded to reconcile the difference between the bank balance as per the company's books and the bank statement.
Entry in BRS:
- The dishonored bill amount of ₹1000 should be recorded as a deduction from the company's bank balance in the BRS.
- This will reflect the actual bank balance after considering the dishonored bill.
Impact on financial statements:
- Failure to record the dishonored bill in the books of Senthamarai Traders can lead to discrepancies in the financial statements.
- It is essential to update the records accurately to reflect the true financial position of the company.
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A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs?
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A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs?.
A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A bill of exchange for ₹1000 was discounted by senthamarai traders with its bank. This bill was dishonored on 30th march 2018 but no entry was made in the books of senthamarai traders. How to record in brs?.
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