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Can you write a check to yourself and cash it at a bank where you don't have an account at?
No. A cheque written to self, can be encashed only in the bank which has issued the cheque book to you for holding the account.
How is open cheque different from the crossed cheque?
Crossing a cheque means putting two parallel lines on the left hand top corner of the cheque. This means that, the cheque is a Account Payee cheque which means it can only be deposited into another account and cannot be exchanged for cash over the counter. This serves two purposes - you can keep a track of who encashed your cheque and also ensure that even if the cheque is lost, it cannot be misused by anyone. The person to whom the cheque was paid will be recorded.
What is the journal entry for stale-dated cheque?
Debit accounts payable/ expensesCredit bank
Is dividends Payable an asset?
Dividend payable is the amount which is payable by the company to share holders so it is a liability of company and not an asset.
What is the difference between notes payable and accounts payable?
A note payable is a tangible note between you and another company that you will pay them back for a good or service they sold you. An account Payable is an allocation base for all of your notes payable. so for example i could have a note payable to company A for $100, Company B for $500, and Company C for $300, and my accounts payable would be $900
What is a bearers cheque?
a bearer cheque means a cheque which can be encashed across the counter of the bank branch on which it is issued and no need of depositing it into account.
Can you write a check to yourself and cash it at a bank where you don't have an account at?
No. A cheque written to self, can be encashed only in the bank which has issued the cheque book to you for holding the account.
What is bearer cheque?
Cross cheque means that it can only be paid into a bank account and cannot be paid in cash over the counter. A bearer cheque is made payable to the bearer i.e. it is payable to the person who presents it to the bank for encashment
Why is a crossed cheque important?
When the check is not crossed, it is called bearer check,which can be encashed by anybody at his possession. Where as when the check is crossed, it has to be credited into the payee's account only, thus ensuring safety, because even if it is stolen it cannot be encashed by the recipient.
How old can a check be before it cannot be honored by the bank?
Any cheque issued before the last 6 months can be encashed/honored by a bank.
What is the difference between a crossed cheque and an opened cheque?
Crossing a cheque means putting two parallel lines on the left hand top corner of the cheque. This means that, the cheque is a Account Payee cheque which means it can only be deposited into another account and cannot be exchanged for cash over the counter. This serves two purposes - you can keep a track of who encashed your cheque and also ensure that even if the cheque is lost, it cannot be misused by anyone. The person to whom the cheque was paid will be recorded.
How is open cheque different from the crossed cheque?
Crossing a cheque means putting two parallel lines on the left hand top corner of the cheque. This means that, the cheque is a Account Payee cheque which means it can only be deposited into another account and cannot be exchanged for cash over the counter. This serves two purposes - you can keep a track of who encashed your cheque and also ensure that even if the cheque is lost, it cannot be misused by anyone. The person to whom the cheque was paid will be recorded.
Crossing a check?
Crossing a cheque means putting two parallel lines on the left hand top corner of the cheque. This means that, the cheque is a Account Payee cheque which means it can only be deposited into another account and cannot be exchanged for cash over the counter. This serves two purposes - you can keep a track of who encashed your cheque and also ensure that even if the cheque is lost, it cannot be misused by anyone. The person to whom the cheque was paid will be recorded.
What is a bearer check?
A Bearer Cheque is a type of cheque which will be encashed by a bank and paid out as cash to the person holding the cheque. For ex: If I owe you Rs. 10,000/- and give you a bearer cheque of my bank account with ICICI Bank, all you have to do is, visit your nearest ICICI Bank branch and then submit the cheque for payment. The bank will ask for your identity proof to verify that you are indeed the payee for the cheque and if they are satisfied, they will give you the cash right away.
What is the journal entry for stale-dated cheque?
Debit accounts payable/ expensesCredit bank
What is the full form of AT par cheque?
At par means payable at full value (without deduction)
Is dividends Payable an asset?
Dividend payable is the amount which is payable by the company to share holders so it is a liability of company and not an asset.
