Answered: Interest received by the bank on behalf…

Interest received by the bank on behalf of the customers is: Added to cash balance Deducted from cash balance Added to the bank balance Deducted from bank balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Interest received by the bank on behalf of the customers is:
Added to cash balance
Deducted from cash balance
Added to the bank balance
Deducted from bank balance
ashemi (Log out)
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