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Answer Posted / sankeerthana
My dear to answer simply , Assets represent ownership of
value that can be converted into cash To know more about
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For example for formation of a new company/offshore company you need to show paid up capital of 100K but you don't have 100K you as a director borrow loan of 100K from 3rd party and deposit in the bank as paid up capital and issued shares of 100K in director name. After one week you return back 3rd part loan. What are the entries in the books?
Tell me what do you think is bank reconciliation statement?
over draft balance as per cash book (journal entries needed) a,cheques deposited in bank but no entry was passed in cashbook b, credit side of the bank, column cash short c, chques received but not sent to bank d, insurance premium paid by bank as per standing instructions e, credit side of bank, coloumn cash short f, bank charges entered in cash book twice g, cheques received returned by bank but no entry passed h, cheques issued returned on technical grounds i, bills directly collected by bank j, bank charges debited by bank k, cheques received entered twice l, bills discounted dishonoured
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