Question # 1K&N is situated in Karachi, it has franchises in all the region of Pakistan. All payments from outletsare average Rs. 200 million per day and it is through check. The overall time to mail the check andtransfer the check to the head office bank account is 5 days.a) How can K& N reduce this time in order to speed up the collections? Suggests alternativeplans.b) In order to reduce the delay in collection, K& N is considering to hire five people who willmanage the collection at different provinces and it will have a cost of Rs.120 million per year,this will reduce the collection time by 1 days. Should company consider this plan?

To reduce the payment period of 5 days can do following things 1 Making payment online so that time…

is situated in Karachi, it has franchises in all the region of Pakistan. All payments from re average Rs. 200 million per day and it is through check. The overall time to mail the che ansfer the check to the head office bank account is 5 days

is situated in Karachi, it has franchises in all the region of Pakistan. All payments from re average Rs. 200 million per day and it is through check. The overall time to mail the che ansfer the check to the head office bank account is 5 days

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount No. Date Amount $ 2,000 Checks: 1,600 2,500 Deposits: 2/4 321 2/2 $4,000 2/11 322 2/8 450 2/18 323 2/12 1,800 2/25 3,400 324 2/19 1,500 Cash receipts: 2/26-2/28 900 325 2/27 250 $10,400 326 2/28 750 327 2/28 1,200 Balance on February 1 $ 6,100 $9,950 Receipts 10,400 Disbursements (9,950) Balance on February 28 $ 6,550 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $9,610. b. Cash receipts of $900 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $250 that did not clear the bank (NSF check). e. Check 323 was written for $2,500 for…
The cash transactions and cash balances of Ali Electric, for December were as follows: At December 31, cash per the bank statement was Rs 18,200; cash per the company’s records was Rs 20,500. Two debit memoranda accompanied the bank statement: service charges for December of Rs 250, and anRs 775 check drawn by Ahmed marked “NSF.” Cash receipts of Rs 10,000 on December 31 were not deposited until January 4. The following checks had been issued in December but were not included among the paidchecks returned by the bank: no. 620 for Rs 1,000, no. 630 for Rs 3,000, and no. 641 for Rs 4,500. Prepare bank reconciliation at December 31.
You are performing a bank reconciliation for August 20X1. The balance per bank is $21,863; the ledger Cash balance, $17,250. Outstanding checks are as follows: Check Number Amount 2003 $ 560 2004 910 2008 1,700 2009 2,110 You have also identified the following: A $13 bank service charge for August An NSF check for $720 Check #1996, made out to Local Gas & Electric for $798, was booked as $870 A $6 charge for your bank’s Web Banking, which the company does not use To reconcile the balance per book to the balance per bank will require adjusting the book balance by: $661 $727 $733 $648
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20. Kiwi Company has an agreement with a major credit card company which calls for cash to be received ten days upon deposit of Kiwi customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Kiwi has $6,000 in credit card sales, show the journal entries to record the sales, and receipt of customer's payment.
The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used. Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000 Calculate the total depositors’ share from the annual profit. Calculate the weighted average balance for each type of deposits.
33. subject:- Accounting
general rent All's officers arrange a $50,000 loan for the company. The company is required to maintain a minimum checking account balance of 10% of the outstanding loan. The practice is called
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