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(v) Bankers seems to have given here wrong credit for â?¹ 500 paid in by her in Account No. 8765 and a wrong debit in respect of a cheque for â?¹ 300 against her account No. 8765. How do we reconcile this if we start with bank overdraft as per passbook ??
Answers (29)
Thread Starter
Monisha KMWhen they make payment,the cash book reduces by 500 right , as the bankers have given wrong credit in place of debiting passbook , the difference must be 1000 right ... Why is it not like that??
You're correct.Instead of debiting,if credited we should take double the amount. can you share the solution? I will check and say.
Thread Starter
Monisha KMHow's that??
In passbook when you deposit your acc will be credited, so i don't think double amt is required. Also as i understood the question, the bankers have passed entries in acc no 8765 instead of her acc. So accordingly i answered. Pls do correct me if i am wrong.
Aswin Chandar
In passbook when you deposit your acc will be credited, so i don't think double amt is required. Also as i understood the question, the bankers have passed entries in acc no 8765 instead of her acc. So accordingly i answered. Pls do correct me if i am wrong.
She paid 500 but they given credit of 500
Aswin Chandar
In passbook when you deposit your acc will be credited, so i don't think double amt is required. Also as i understood the question, the bankers have passed entries in acc no 8765 instead of her acc. So accordingly i answered. Pls do correct me if i am wrong.
Bro, then why would it be wrong credit?? She has paid , when she pays she credits cash book so cashbook reduces by 500,then passbook should be debited with 500 right so as to reduce for payment... But they have given the wrong credit ... So first we have to reduce the 500 wrongly credited , and then we have to debit passbook for 500 to reduce it right??
Thread Starter
Monisha KMBro, then why would it be wrong credit?? She has paid , when she pays she credits cash book so cashbook reduces by 500,then passbook should be debited with 500 right so as to reduce for payment... But they have given the wrong credit ... So first we have to reduce the 500 wrongly credited , and then we have to debit passbook for 500 to reduce it right??
No please try to understand that its not given just as paid, it says she paid in(which usually means deposited) and the wrong credit is because some other account is wrongly credited instead of her. Hope you understand
Thread Starter
Monisha KMSo , U mean wrong credit is given in acc no 8765 not her account, I'm I right..
U mean exactly this , don't u??
Thread Starter
Monisha KMThis is the question...
Look closely, Her account number is 5678 and the entries are wrongly passed in account number 8765. So try solving with my solution and if the balance doesn't tally with answer we can say I am wrong and work for a right answer then. Thanks.
Thread Starter
Monisha KMOkay understood.... Thanks a lot
pleasure is mine. After all it was quite an good question. You can also mark best answer if you feel so.
Thread Starter
Monisha KMOne last time... Can u explain me the vii)th point bill receivable one..
Sure. Firstly "previously discounted" is given as "previously dishonored" in the question. when you discounted you would've reduced the bank overdraft by 5000(properly accounted in both CB and PB) but when the bills dishonored bank overdraft should be increased by full bill amount(5200) which is accounted only in PB. As a result PB shows 5200 more overdraft than CB . As you know to arrive at balance as per CB reduce that 5200 of OD.
Thread Starter
Monisha KMI'm sorry, I am getting so much confused by this question again and again..
My apologies. I also should've paid more attention. Actually she deposited into her A/c no 8765 and bankers instead of crediting a/c no 8765 credited her a/c no 5678, so account 5678 received 500 wrong credit which means overdraft is less to that extent in PB of 5678, to arrive at cash book we need to add 500. Similarly for cheque drawn by account 8765 for 300, account 5678 is wrongly debited, due to which PB overdraft is more to that extent, to arrive at CB we need to reduce 300. I Hope I made it clear.
Aswin Chandar
Decrease overdraft by 500 and increase by 300 to arrive at balance as per cashbook.
@Moderators kindly delete this and other irrelevant/incorrect replies. My apologies.
