Whenever some people wish to enter into the business world it is a must for them to approach a bank. What services do banks provide them in this regard?
A. Banks act as payment agents by operating current accounts, paying cheques and receiving payments for them.
B. Maintaining account books for them for their day-to- day activities so that they are not required to appoint account/finance personnel on a regular basis.
C. Lending money by way of overdraft, instalment loan, credit or advance for business activities

Only (A)

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Only (B)

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Only (C)

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Only (A) and (C)

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C Only (B)
option d is correct.

Suggest Corrections

Similar questions

Q. As we all have noticed, banks these days are giving more amphasis on "Branchless Banking". What does this really mean?
A. Banks will not have many branches as used to be in the good old days. Instead, the number of branches will be restricted and will conduct only a specified core business.
B. Banks will launch/operate many delivery channels like ATMs, Mobile Banking/Internet Banking etc so that people are not required to visit a branch for their usual banking needs.
C. This means banks will issue only debit or credit cards for all types of day-to-day financial transactions. Cheques/cash payments will not be allowed.

On checking Ram’s Cash Book with the Bank statement of his overdraft current account for the month of November, 2012, you find the following:

(i) Cash Book showed an overdraft of Rs 45,000.
(ii) The payment side of the Cash Book had been under cast by Rs 1,500.
(iii) A cheque for Rs 7,500 drawn on his saving account has been shown as drawn on his current account.
(iv) Cheques amounting to Rs 70,000 drawn and entered in the Cash Book had not yet been presented.
(v) Cheques amounting to Rs 60,000 sent to the bank for collection,though entered in the Cash Book,had not been credited by the bank.
(vi) Bank charges of Rs 750 as per Bank Statement had not been taken into the Cash Book.
(vii) Dividends of Rs 25,000 had been paid direct into the bank and not entered in the Cash Book. You are required to prepare a Bank Reconciliation Statement on 30th November, 2012.

Enter the following transactions in cash book.

$\begin{matrix} 2013 & Rs Jan.01 & Cash in hand & 1, 500 Jan.05 & Paid to Ram & 300 Jan.05 & Discount allowed by him & 10 Jan.08 & Purchased goods & 400 Jan.10 & Received from R. Gupta & 980 Jan.10 & Discount allowed & 20 Jan.16 & Sold goods & 400 Jan.21 & Paid to S. Sharma & 295 Jan.21 & Discount received & 5 Jan.25 & Paid wages & 50 Jan.31 & Paid to Narayan in full settlement of his account which shows a credit balance Rs 400 & 390 \end{matrix}$

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

Q. As published in the newspapers, the RBI has issued certain guidelines to be followed by the Recovery Agents appointed by the banks. In addition to this, the Indian Bank Association (IBA) has to formulate a special training course for them. Why do RBI and IBA have to come into picture for such an issue which is the responsibility of the banks?
A. RBI and Govt were getting many complaints from the public about the misbehaviour of Recovery Agents.
B. Govt of India is paying much emphasis on providing banking services to the poor section of the society. News about ill-treatment by agents or suicides due to inability to pay back loans create a negative picture. RBI does not want this to happen.
C. Despite banks efforts to recover loans many people still do not wish to repay their loans, intentionally. Recovery agents will help banks to get their money back by all possible means.

A cheque of Rs 15,000 was received from a customer Mr. Ram & it was sent for clearance to bank on the same day. Next day, Mr. Ram informed us that the amount has been deducted from his account, so the entry to this regard was made in the books. But later on, it was discovered that the amount has not been credited in our account but credited to some one else's account due to a mistake by the bank. It was credited to our account in the next month. How should this be treated in the bank reconciliation of both the months if starting point is cash book balance?

Join BYJU'S Learning Program

The correct option is C Only (B)option d is correct.

The correct option is C Only (B)
option d is correct.