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On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:
- a)As Bank Overdraft Rs. 3,159
- b)As Cash at Bank Rs. 7,674
- c)As Bank overdraft Rs. 7,074
- d)As Cash at Bank Rs. 3,159
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and bala...
Explanation:
The bank balance as on 31.3.13 is shown in the Balance Sheet as a liability. The two possible ways of showing this liability are:
1. As Bank Overdraft
2. As Cash at Bank
In this case, the balance of the bank book is Rs. 7,074 (Credit) and balance as per bank statement is Rs. 3,159 (Debit). This means that the bank account is overdrawn by Rs. 3,159.
The difference between the two balances is due to cheques issued but not presented for payment. This means that the bank has not yet paid the cheques that were issued by the company. Therefore, the company's bank balance is lower than what is recorded in the bank book.
As per the definition of Bank Overdraft, it is the amount by which a company's bank account is overdrawn. In this case, the bank account is overdrawn by Rs. 3,159. Therefore, the bank balance as on 31.3.13 will be shown in the Balance Sheet as Bank Overdraft of Rs. 3,159.
Hence, the correct answer is option 'C'. As Bank overdraft Rs. 7,074.
The bank balance as on 31.3.13 is shown in the Balance Sheet as a liability. The two possible ways of showing this liability are:
1. As Bank Overdraft
2. As Cash at Bank
In this case, the balance of the bank book is Rs. 7,074 (Credit) and balance as per bank statement is Rs. 3,159 (Debit). This means that the bank account is overdrawn by Rs. 3,159.
The difference between the two balances is due to cheques issued but not presented for payment. This means that the bank has not yet paid the cheques that were issued by the company. Therefore, the company's bank balance is lower than what is recorded in the bank book.
As per the definition of Bank Overdraft, it is the amount by which a company's bank account is overdrawn. In this case, the bank account is overdrawn by Rs. 3,159. Therefore, the bank balance as on 31.3.13 will be shown in the Balance Sheet as Bank Overdraft of Rs. 3,159.
Hence, the correct answer is option 'C'. As Bank overdraft Rs. 7,074.
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On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and bala...
C
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On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. Can you explain this answer?
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On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. 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 On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. 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 On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. Can you explain this answer?.
On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. 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 On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. 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 On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. Can you explain this answer?.
Solutions for On 31.3.13, the balance of the bank book is Rs. 7,074 (Credit and balance as per bank statement is Rs. 3,159 (Debit). On scrutiny it was found that the difference was due to cheques issued but yet not presented for payment. The bank balance as on 31.3.13 will be shown in the Balance Sheet as:a)As Bank Overdraft Rs. 3,159b)As Cash at Bank Rs. 7,674c)As Bank overdraft Rs. 7,074d)As Cash at Bank Rs. 3,159Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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