Which of the following is not an example of Timing Difference?

Cheques issued but not yet presented for payment

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Cheques paid into the bank but not yet collected

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Recording a transaction twice in cash book

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Direct debits made by the bank on behalf of the customer

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Solution

The correct option is C
Recording a transaction twice in cash book

Recording a transaction twice in cash book is not an example of Timing Difference.

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Similar questions

Q. On 31st March, 2015 the Pass Book shows a credit balance of ₹ 9,000. Prepare a Bank Reconciliation Statement from the following particulars:-

	₹
1. Cheques issued but not yet presented for payment	7,000
2. Cheques issued but omitted to be recorded in the Cash Book	3,800
3. Cheques paid into bank but not yet collected by the bank	2,600
4. Premium on Life Policy paid by the bank on standing advice	360
5. Payments received from customers direct by the bank	2,000

Q. Cash Book shows a balance of ₹ 12,500. On comparing the Cash Book with the Pass Book, following discrepancies were noted:

		₹
(i)	Cheques issued but not yet presented for payment.	6,000
(ii)	Cheques deposited in the bank but not collected.	9,000
(iii)	Bank paid insurance premium.	5,000
(iv)	Bank charges.	300
(v)	Directly deposited by a customer.	8,000
(vi)	Interest on investment collected by bank.	2,000
(vii)	Cash discount allowed of ₹ 200 was recorded on the debit side of the Bank column.

Prepare Bank Reconciliation Statement.

Q. From the following information, prepare Bank Reconciliation Statement as on 31st March, 2019:

		₹
(i)	Bank overdraft as per Pass Book.	36,000
(ii)	Cheques issued but not presented for payment.	19,700
(iii)	Cheques deposited with bank but not collected.	25,000
(iv)	Cheques entered in Cash Book but not banked.	9,000
(v)	Directly deposited to bank by a customer.	11,000

Q. From the following information, prepare Bank Reconciliations Statement as on 31st March, 2018:

		₹
(i)	Bank overdraft as per Pass Book.	36,000
(ii)	Cheques issued but not presented for payment.	19,700
(iii)	Cheques deposited with bank but not collected.	25,000
(iv)	Cheques entered in Cash Book but not banked.	9,000
(v)	Directly deposited to bank by a customer.	11,000

Prepare Bank Reconciliation Statement on the basis of following information:

$\begin{matrix} R s (i) & Debit balance as per bank column of the Cash Book & 3, 72, 000 (i i) & Cheques issued to creditors, but not yet presented to the bank for payment & 72, 000 (i i i) & Dividend received by the Bank, but not entered in the Cash Book & 5, 000 (i v) & Interest allowed by the Bank & 1, 250 (v) & Cheques deposited into Bank for collection, but not collected by Bank & 15, 400 (v i) & Bank charges & 200 (v i i) & A Cheque deposited into Bank was dishonoured but no intimation received & 320 (v i i i) & Bank paid House Tax on our behalf, but no information received from Bank & 350 \end{matrix}$

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Which of the following is not an example of Timing Difference?

The correct option is C Recording a transaction twice in cash book Recording a transaction twice in cash book is not an example of Timing Difference.

The correct option is C
Recording a transaction twice in cash book

Recording a transaction twice in cash book is not an example of Timing Difference.