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Cash and cheques amounting to ` 13,600 were deposited in the
Bank on 29th June, but cheques worth ` 5,200 were cleared by the
Bank on 1st July., and one cheque for ` 1,000 was returned by them
as dishonoured on the latter date?
Bank on 29th June, but cheques worth ` 5,200 were cleared by the
Bank on 1st July., and one cheque for ` 1,000 was returned by them
as dishonoured on the latter date?
Most Upvoted Answer
Cash and cheques amounting to ` 13,600 were deposited in the Bank on 2...
Overview of Transactions
On 29th June, a total of ` 13,600 was deposited into the bank, which included both cash and cheques. This amount initiates the bank's transaction cycle for the month of July.
Clearing of Cheques
- On 1st July, the bank cleared cheques amounting to ` 5,200.
- This means that the bank processed these cheques, and the funds were transferred from the accounts of the cheque issuers to the depositor's account.
Dishonoured Cheque
- On the same date, a cheque for ` 1,000 was returned as dishonoured.
- A dishonoured cheque occurs when the issuer's bank refuses to pay the amount, often due to insufficient funds or other reasons.
- This return means that the ` 1,000 will not be credited to the depositor's account, leading to a reduction in the deposited total.
Net Effect on Account
- Initially, the deposited amount is ` 13,600.
- After the clearing of cheques (` 5,200), the account increases by this amount.
- However, the dishonoured cheque (` 1,000) causes a reduction.
Final Calculation
- Initial Deposit: ` 13,600
- Cleared Cheques: + ` 5,200
- Dishonoured Cheque: - ` 1,000
- Final Balance:
- Calculation: ` 13,600 + 5,200 - 1,000 = ` 17,800
In conclusion, after these transactions, the final balance in the bank account would stand at ` 17,800. This scenario highlights the importance of monitoring bank transactions closely to manage cash flow effectively.
On 29th June, a total of ` 13,600 was deposited into the bank, which included both cash and cheques. This amount initiates the bank's transaction cycle for the month of July.
Clearing of Cheques
- On 1st July, the bank cleared cheques amounting to ` 5,200.
- This means that the bank processed these cheques, and the funds were transferred from the accounts of the cheque issuers to the depositor's account.
Dishonoured Cheque
- On the same date, a cheque for ` 1,000 was returned as dishonoured.
- A dishonoured cheque occurs when the issuer's bank refuses to pay the amount, often due to insufficient funds or other reasons.
- This return means that the ` 1,000 will not be credited to the depositor's account, leading to a reduction in the deposited total.
Net Effect on Account
- Initially, the deposited amount is ` 13,600.
- After the clearing of cheques (` 5,200), the account increases by this amount.
- However, the dishonoured cheque (` 1,000) causes a reduction.
Final Calculation
- Initial Deposit: ` 13,600
- Cleared Cheques: + ` 5,200
- Dishonoured Cheque: - ` 1,000
- Final Balance:
- Calculation: ` 13,600 + 5,200 - 1,000 = ` 17,800
In conclusion, after these transactions, the final balance in the bank account would stand at ` 17,800. This scenario highlights the importance of monitoring bank transactions closely to manage cash flow effectively.
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Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date?
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Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date?.
Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Cash and cheques amounting to ` 13,600 were deposited in the Bank on 29th June, but cheques worth ` 5,200 were cleared by the Bank on 1st July., and one cheque for ` 1,000 was returned by them as dishonoured on the latter date?.
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