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Receipts and Payments Account

An account bo...

Question

An account book which is maintained by the businessman to record only banking transactions entered with the various banks is called Bank book.

A

True

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B

False

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Solution

The correct option is A True
True. A bank book may also be known as a passbook which is maintained only for recording transactions of a bank account. A Bank Book is a statement that shows the transactions that occur in a customer's bank account.

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Q. A Bank Pass Book is a small booklet in which the details of all ledger entries in respect of banking transactions appearing in the books of bank are entered for the knowledge of account holder.

Q. State whether True or False:
All transactions related to bank are recorded in the bank column of the cash book and these transactions are also recorded in the pass book by the bank.

Q. Pass book is a/an ____________of account holder's transaction with the bank.

Q. Pass Book is ___________ of account holder's transaction with the Bank.

Q. Write the most appropriate word / term / phrase which can substitute each of the following statement:

1. Person who maintains petty cash book.
2. A bank account which the businessman prefers to open.
3. Petty cash book in which the payment side is ruled in suitable columns.
4. Subsidiary book in which only credit purchase of goods is recorded.
5. Subsidiary book in which return of goods sold on credit is recorded.
6. Book in which cash discount received and allowed is recorded.
7. Accounting entries passed in journal proper for correction of mistakes committed in the books of accounts.
8. A note issued by buyer to seller giving full details of goods returned.
9. Note issued by seller on receipt of defective goods from customer.
10. Signing on the back of the cheque to transfer its ownership.
11. An extract of customer’s account maintained by bank.
12. A type of cheque where the holder is paid the amount across the counter of the bank.
13. Bank on whom a cheque is drawn.
14. Excess of bank withdrawal over bank deposits.
15. Document used for depositing cash or cheque into the bank.

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