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Opening a Bank Account

For which of ...

Question

For which of the following types of bank accounts do banks provide us with receipts only and not with cheque books and pass books?

A

Current accounts

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B

Savings bank accounts

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C

Recurring deposit accounts

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D

Fixed deposit accounts

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Solution

The correct option is D Fixed deposit accounts
Banks provide a receipt in the case of term deposits or fixed deposits. This is not provided for other types of accounts like RDs and savings accounts.

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Similar questions

Q. For which of the following accounts do you get a cheque book, a pass book, and a pay-in-slip from the banks?

Q. Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:


1. Receipts for the year ended 31st March, 2019:	₹
From Debtors	88,125
Cash Sales	20,625
Paid by Vinay	12,500
	1,21,250
2. Payments during the year:
New plant bought	3,125
Drawings	7,500
Salaries	5,625
Wages	33,625
Interest paid	375
Rent paid	6,625
Light and power	2,375
Sundry Expenses	10,625
Sundry Creditors	38,125
	1,08,000

Vinay banks all receipts and makes payments by means of cheque.

3.
Assets and Liabilities	As at 31st March, 2018 (₹)	As at 31st March, 2019 (₹)
Sundry Creditors	12,625	12,000
Sundry Debtors	18,750	30,625
Bank	3,125	?
Stock	31,250	15,625
Plant	37,500	36,575

From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date.

Q. For which of the following accounts does the bank issue a passbook and, on demand cheque book?

Q. Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:


I. Receipts for the year ended 31st March, 2018:	₹
From Debtors	88,125
Cash Sales	20,625
Paid by Vinay	12,500
	1,21,250
2. Payments during the year:
New plant bought	3,125
Drawings	7,500
Salaries	5,625
Wages	33,625
Interest paid	375
Rent paid	6,625
Light and power	2,375
Sundry Expenses	10,625
Sundry Creditors	38,125
	1,08,000

Vinay banks all receipts and makes payments by means of cheque.


Assests and Liabilities	As at 31st March,2017 (₹)	As at 31st March, 2018 (Rs)
Sundry Creditors	12.625	12,000
Sundry Debtors	18,750	30,625
Bank	3,125	?
Stock	31,250	15,625
Plant	37,500	36,575

From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.

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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