The bank statement reports a credit transfer of Rs. 400 from a customer on 29th July. Accounting entries for this are ……
a. A debit in the Bank Account and a credit in the account of the customer concerned
b. A debit in the Cash Account and a credit the account of the debtor concerned
c. A debit in the account of the debtor concerned and a credit in the Bank Account
d. A debit in the Bank Account and a credit in the Cash Account
Ans – a
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In case of death of depositor, interest for overdue period will be paid at if depositor dies
before maturity of FDR.
a. Saving rate
b. FD rate as on date of maturity
c. FD rate as on date of death
d. Whichever is more from the above
Ans – b
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Relationship between the Bank and the Customer is “Trustee – Beneficiary” in the following Transactions. (i) Payee of draft, (ii) Goods left negligently by customer, (iii) Money deposited.
No instructions for its disposal
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Ans – d
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In the general form of partnership, liabilities of partners are ……
a. limited
b. unlimited
c. limited to the business capital
d. None of the above
Ans – b
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Interest on drawings is ……
a. Debited to partner’s current a/c
b. Credited to partner’s current a/c
c. Not shown in current account
d. None of the above
Ans – a
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As per KYC norms, branches should monitor ……
a. cash deposits 10 lakhs and above in deposit accounts
b. cash payment of 10 lakhs and above in deposit accounts
c. cash receipt/cash payment Rs. 10 lakhs or above in deposits accounts including CC/OD
d. Only cash deposit in Savings account for Rs 10 lakhs and above
Ans – c
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Which of the following is not recorded in the partners current accounts?
a. Drawings
b. Interest on Drawings
c. Partners salaries
d. Administrative expenses
Ans – d
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Under the KYC guidelines, banks need to conduct EDD – “Enhanced due diligence” in the following cases ……
a. Correspondent accounts
b. Non-face-to-face customers
c. Firms with sleeping partners
d. Trustees, Nominees and fiduciaries
Ans – all
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Timeframe for collection of outstation cheques in case of Cheques drawn on State Capitals ……
a. 2 Days
b. 7 Days
c. 10 Days
d. 14 Days
Ans – b
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Which one of the following is the method of goodwill valuation?
a. Average capital method
b. Super capital method
c. Capital intensity method
d. Super profit method
Ans – d