Explain clearly how would you deal with the cheque  if the cheque has been lost and Mr. James asks if your branch will stop payment of the cheque if it is presented. He leaves his telephone number in case of need. The cheque is discovered in the days clearing. It is properly drawn in favor of Mr. Ward James and is endorsed “Ward James” on the back.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Explain clearly how would you deal with the cheque  if the cheque has been lost and Mr. James asks if your branch will stop payment of the cheque if it is presented. He leaves his telephone number in case of need. The cheque is discovered in the days clearing. It is properly drawn in favor of Mr. Ward James and is endorsed “Ward James” on the back.

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A cheque seems to be a written document on which you put the sum of money to be delivered and the person to whom it is to be delivered. Your bank then transfers funds from your bank account to that individual.

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