Abdullah issued a cheque in favor of Khalid for OMR 1,500/- and left abroad. Khalid presented the cheque in a bank. While processing a cheque you being a bank officer came to know that balance in Abdullah’s account is insufficient. How you are going to deal with this cheque?
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Abdullah issued a cheque in favor of Khalid for OMR 1,500/- and left abroad. Khalid presented the cheque in a bank. While processing a cheque you being a bank officer came to know that balance in Abdullah’s account is insufficient. How you are going to deal with this cheque?
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- 3. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons. ( My country Oman)Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash of RO 1,000 through ATM machine and paid RO 24,400 to his creditor by cheque. After these transactions his current account balance will be: a. RO 71,600 b. RO 51,600 c. RO 71,400 d. RO 21,600Suppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter? Keeping this situation in mind, comment on the following: Will she get the cash? If no, justify? Would your answer be the same, if the cheque was bearer? Discuss
- Suppose that Lena, who has an account at SunTrust Bank, writes a check for $140 to Jose, who has an account at National City Bank. Use following the T-account for SunTrust Bank to show how it is affected after the check clears. Assets LiabilitiesSuppose a cheque was drawn payable to ‘Badar or order’. it was lost subsequently. Eman found the cheque and presented it to the cashier on the bank counter. Keeping this situation in mind, comment on the following: Will she get the cash? If no, justifyWould your answer be the same, if the cheque was bearer.X sent his Y P1,000 via a telegraphic transfer through the Bank of D. The bank's remittance clerk made a mistake and credited Y with P1,000,000 which she promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Y refused. The BIR entered the picture and investigated Y. How much income, if any, does Y earn from the above facts?
- Frank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the legal position of the paying bank. Who is the drawer, drawee, payee, and holder of the BoE?Use legal basis in answering M signed a blank check and put it in his office table. B stole it and filled up the amount and wrote his name as payee. B, negotiated the check to C who paid value therefor in good faith. C, presents it for payment to the drawee bank, but the bank refused to pay due to the stop payment order previously given by A. Can C, collect from M the amount of the check? Can C run after B?Nasser who is maintaining current account in Bank Sohar, Nizwa Souq branch drew a cheque in the name of Mr. Ameen for RO. 5500, he mentioned the date of 27th June, 2021 and it was presented to him on 28th June, 2021. Mr. Ameen has transferred that cheque to Mr. Talal by writing Mr. Talal’s name and making a signature on the back of it. From the above scenario, Explain the parties to a cheque by mentioning their names.
- Mr. Salim has started a Biscuit Manufacturing Company and opened a Business bank account in National Bank of Oman and every month end he checks his Cash book maintained by his accountant Mr. Asim in the company with the Bank book maintained by the banker. His Cash Book balance on 31st December 2019, was OMR 12,500, this did not agree with the balance as shown by the Bank Pass Book. In order to know why the balances are not equal in cash book and Bank book Salim asked his accountant Mr. Asim to do detailed Examination of the Cash Book and Bank Statement. It reveals that the company has paid into bank on 26th December, four chequesof OMR 7,000; OMR 10,000; OMR 2,000 and OMR 13,000; of these the cheque of OMR 2,000 was credited in January 2020. One of his customer Ali has paid cheque of OMR 1,500 which is entered in cash book but omitted to be sent to Bank. The Bank has debited Bank Charges in Bank book, not entered in Cash Book OMR 100.As per the instructions of Salim, Bank met a pay…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."The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?" Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."