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Cheques, or checks in American-English, can be used for virtually anything. They can be used to pay bills, pay for goods at a store, and even as pay for services rendered by a peer.
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Types of cheques in India?
Based on the location cheques are classified as 1. Local & 2. Outstation cheques Based on its value they are classified as 1. Normal & 2. High Value cheques Cheques r mainly of four types 1)open 2)bearer 3)order 4)crossed 1) open cheques r those which r paid across the bank counter 2) bearer cheque are to be paid to the bearer of the cheque 3) order cheque is to be paid to the payee in person 4) crossed cheque to be paid to the payee's account on submission
In book-keeping do unpresented cheques entered in the cash book at the end of a month included in the 'cheques paid' total?
Yes they are recognised as payment and recorded along with other payment because you can not tell who which among the paid cheques will not be presented or not presented at the bank as at the time of payments
Can cheques be falsified?
Yes. Cheques can be falsified but it is illegal. Only banks can issue Cheques to their customers. No one else is authorized or rather supposed to print Cheques. If anyone is found/caught printing/using bogus or fake Cheques they can be legally prosecuted and jailed for it.
Can a cheque dated may 2005 still be paid into an account?
I am afraid not. after one year they are dead. Such cheques are called Stale Dated Cheques. It differs from country to country. In many countries cheques become stale after 90 days from the date of issue
What is the journal entry for postdated cheques paid as rent in advance?
Debit prepaid rentCredit bank
Why do you need a travel check?
Travelers cheques are a safe alternative to carrying cash. By paying a small premium, you are protected if your cheques are lost or stolen. The bank that issued the cheques guarantee the merchant will get paid, even if they are fraudulently cashed, and the bank will reimburse you if they are lost or stolen.
Can you look at cheques from a closed bank account?
Oh Yes. You can always look at the Cheques from a closed bank account. But, if you try to use them - then it becomes a crime. Issuing/using Cheques from a closed bank account is a criminal offence and you can be fined and/or jailed for doing so.
What methods can be used to deposit cash and cheques to a business bank account?
By usin cheques,it can be a cross cheques or open cheques
Why cheques are not considered as part of money supply?
what is a cheques
What is an advantage of a bank overdraft?
The cheques and payments that are due from you would get paid even if your account does not have sufficient funds to pay them. this is the advantage of an overdraft facility
What are the types of cheques?
Cheques/Checks types: 1)Bearer Checks - Normal checks that will paid to the person who has his/her name as the check payee 2)Account Payee Checks - checks that will be paid only into the bank account of the person to whom the check is issued to 3)Travelers' Checks - equivalent to foreign currency and can be cashed into the currency denominated in it, at any bank in the target country. For ex: If I carry USD travelers checks, I can cash it with any bank in the USA 4)Bankers Checks - Checks issued by banks that can be used as cash equivalent
What are unpresented cheques?
Unpresented cheques are cheques that were issued to a person but they were never deposited by that person for encashment with his bank. It was never paid. For ex: let's say you owe me Rs. 10000/- and you gave me a cheque for the same last month. If I just fold it and keep it in my purse instead of depositing it in my bank account, it will stay in my wallet for as long as I don't take it out. Then it would become an unpresented cheque.
