Archive for March, 2009
Mar
31
Counterfeit Bank Notes
Posted by: | Commentsbankofcanadaofficial asked:
Do you handle cash as part of your job? Can you tell the difference between real and fake bills? What do you do if youve been handed a counterfeit bill? Watch this video by the Bank of Canada to find out. Be sure to check out more videos on our channel. For more information: www.bankofcanada.ca 1 888 513-8212 education@bankofcanada.ca
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Mar
30
Car Shipping Discount Offered to Military Personnel
Posted by: | CommentsSusan Hart asked:
Because the owner of one of the most excellent vehicle transport companies around served his country for four years in Iraq, he knows full well how to offer superior customer service and take care of business. He also offers a discount to his fellow service members.
The customer is in control of which company they want to use for car shipping — all that’s needed is a small amount of research, a few reference checks, and a couple of endorsements by people who have used the company’s services, and have been happy with them. An enclosed trailer works well for an exotic or antique car, or a real wreck (but it’s priceless of course) with bits hanging off it. These enclosed trailers do cost a little more than the open kind, but they protect against the weather and other road conditions and possibly hazards. Car dealer and manufacturers use different methods of shipment — it just depends on how many vehicles and where they are going. You’ve probably seen dozens of these rigs traveling the highways and byways. Express service is available if you have a sudden need to get the car to its destination. In the military, this kind of need can come up rather suddenly.
Another wonderful idea when considering which car shipping company, is who you will be speaking with during the process. If you talk with several staff members, then there is a bigger chance that someone could drop the ball along the way and your vehicle could end up in the Florida Keys, when you now live in Alaska, for instance. A single contact person works best for continuity and see-through during the process. Finding a company who has this policy, will give you much peace of mind. In talking to the car shipping company, check out their fee structure. A company’s fees are usually route based, so finding a reliable business that can tell you how much the shipment will cost, and right up front, will help you budget your car transportation perfectly. Rates do depend on what is being sent, where it’s leaving from, and of course, where it’s going to.
Drivers of transport trucks usually take them about 350 miles a day, and of course they need to eat and sleep as well. You can put less than one hundred pounds of personal items in a vehicle being shipped, so you can’t cram it full of your extra household items and save on moving truck expenses. Contents, not part of the car, aren’t covered by insurance. When your vehicle is put on the trailer, a person has to be there to sign the bill of lading, plus walk around the car and note any pre-existing damage. Choose a company (besides one that offers the military discount) that has some great reviews on an easy-to-read blog. This will give you some assurance about the company’s record. You can also read about various car transport companies on an impartial site like TransportReviews.com. If you keep in mind a few tips, your car shipping task will taken care of, and at an excellent price, as well.
discounted bank notes for sale
Because the owner of one of the most excellent vehicle transport companies around served his country for four years in Iraq, he knows full well how to offer superior customer service and take care of business. He also offers a discount to his fellow service members.
The customer is in control of which company they want to use for car shipping — all that’s needed is a small amount of research, a few reference checks, and a couple of endorsements by people who have used the company’s services, and have been happy with them. An enclosed trailer works well for an exotic or antique car, or a real wreck (but it’s priceless of course) with bits hanging off it. These enclosed trailers do cost a little more than the open kind, but they protect against the weather and other road conditions and possibly hazards. Car dealer and manufacturers use different methods of shipment — it just depends on how many vehicles and where they are going. You’ve probably seen dozens of these rigs traveling the highways and byways. Express service is available if you have a sudden need to get the car to its destination. In the military, this kind of need can come up rather suddenly.
Another wonderful idea when considering which car shipping company, is who you will be speaking with during the process. If you talk with several staff members, then there is a bigger chance that someone could drop the ball along the way and your vehicle could end up in the Florida Keys, when you now live in Alaska, for instance. A single contact person works best for continuity and see-through during the process. Finding a company who has this policy, will give you much peace of mind. In talking to the car shipping company, check out their fee structure. A company’s fees are usually route based, so finding a reliable business that can tell you how much the shipment will cost, and right up front, will help you budget your car transportation perfectly. Rates do depend on what is being sent, where it’s leaving from, and of course, where it’s going to.
Drivers of transport trucks usually take them about 350 miles a day, and of course they need to eat and sleep as well. You can put less than one hundred pounds of personal items in a vehicle being shipped, so you can’t cram it full of your extra household items and save on moving truck expenses. Contents, not part of the car, aren’t covered by insurance. When your vehicle is put on the trailer, a person has to be there to sign the bill of lading, plus walk around the car and note any pre-existing damage. Choose a company (besides one that offers the military discount) that has some great reviews on an easy-to-read blog. This will give you some assurance about the company’s record. You can also read about various car transport companies on an impartial site like TransportReviews.com. If you keep in mind a few tips, your car shipping task will taken care of, and at an excellent price, as well.
discounted bank notes for sale
Mar
23
Banking 6: Bank Notes and Checks
Posted by: | Commentskhanacademy asked:
More on how bank notes and checks can be used.
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Mar
20
Investing in Bank Foreclosed Homes
Posted by: | Comments
Kevin Simpson asked:
Bank Foreclosed Homes are default loan cases where the borrower is unable to pay the monthly liabilities and the banks has no option than to foreclose the loan and sell the property in public auction for recovering the outstanding debt.
However, Bank Foreclosed Homes are the best investment opportunity for any first time buyer as he can avail discounted properties and save money. The motive behind the auction sale in Bank Foreclosed Homes is the recovery of debt from the NPA. This is done by selling the property at the outstanding loan amount. In most cases the loan amount is much less than the prevalent market property price and this makes the property attractive for buyers who wish to save money.
Still, foreclosure is the most difficult part for any borrower as he has to leave his house and search for another shelter. The borrower in Bank Foreclosed Homes is devastated and he is deemed unfit by credit agencies which disallows him to obtain credit from any institution in the future.
Searching for Bank Foreclosed Homes
Most housing websites feature listings of Bank Foreclosed Homes which can be searched on the basis of state and counties. The price is also mentioned on the site which helps the buyer to take a clear decision.
The buyers can search for Bank Foreclosed Homes in various newspapers, websites and with he banks where they can register themselves with the bank officials for contacting when a sale or any foreclosed property comes up. This shall give the buyer an option to check all the properties in an area under Bank Foreclosed Homes.
Procedure for auctions of Bank Foreclosed Homes
The procedure for auction in Bank Foreclosed Homes is similar to a normal auction. The bidder bid for the property and the highest one is declared the winner. He has to pay 10% of the purchase price to the bank immediately on the auction place. The remaining amount shall be paid either by him or could be taken as loan from a bank.
Pros and Cons while acquiring Bank Foreclosed Homes
Bank Foreclosed Homes is undoubtedly the best option for purchase in the property market but requires some research which the buyer has to do on his own. The buyer should check for the exact price of the property in the market to check for discount. The buyer should inspect the property for any cosmetic damages which could mould the buying motive.
The buyer should also check for any outstanding liens on the property which will have to be paid by the buyer. Once the buyer is confident of these things he should move forward for purchasing the property. The Buyers should always appoint a legal representative who should be a certified professional, well equipped with the legal documentation process that can help in closing the purchase. The buyer should reach the auction site early to register for bidding as well as he should also keep 10% of the amount available to be paid on winning. So keep in mind, all the above guidelines while purchasing a Bank Foreclosed Homes.
So, the next time you want to buy a property, do not forget to check for Bank Foreclosed Homes and save money.
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Bank Foreclosed Homes are default loan cases where the borrower is unable to pay the monthly liabilities and the banks has no option than to foreclose the loan and sell the property in public auction for recovering the outstanding debt.
However, Bank Foreclosed Homes are the best investment opportunity for any first time buyer as he can avail discounted properties and save money. The motive behind the auction sale in Bank Foreclosed Homes is the recovery of debt from the NPA. This is done by selling the property at the outstanding loan amount. In most cases the loan amount is much less than the prevalent market property price and this makes the property attractive for buyers who wish to save money.
Still, foreclosure is the most difficult part for any borrower as he has to leave his house and search for another shelter. The borrower in Bank Foreclosed Homes is devastated and he is deemed unfit by credit agencies which disallows him to obtain credit from any institution in the future.
Searching for Bank Foreclosed Homes
Most housing websites feature listings of Bank Foreclosed Homes which can be searched on the basis of state and counties. The price is also mentioned on the site which helps the buyer to take a clear decision.
The buyers can search for Bank Foreclosed Homes in various newspapers, websites and with he banks where they can register themselves with the bank officials for contacting when a sale or any foreclosed property comes up. This shall give the buyer an option to check all the properties in an area under Bank Foreclosed Homes.
Procedure for auctions of Bank Foreclosed Homes
The procedure for auction in Bank Foreclosed Homes is similar to a normal auction. The bidder bid for the property and the highest one is declared the winner. He has to pay 10% of the purchase price to the bank immediately on the auction place. The remaining amount shall be paid either by him or could be taken as loan from a bank.
Pros and Cons while acquiring Bank Foreclosed Homes
Bank Foreclosed Homes is undoubtedly the best option for purchase in the property market but requires some research which the buyer has to do on his own. The buyer should check for the exact price of the property in the market to check for discount. The buyer should inspect the property for any cosmetic damages which could mould the buying motive.
The buyer should also check for any outstanding liens on the property which will have to be paid by the buyer. Once the buyer is confident of these things he should move forward for purchasing the property. The Buyers should always appoint a legal representative who should be a certified professional, well equipped with the legal documentation process that can help in closing the purchase. The buyer should reach the auction site early to register for bidding as well as he should also keep 10% of the amount available to be paid on winning. So keep in mind, all the above guidelines while purchasing a Bank Foreclosed Homes.
So, the next time you want to buy a property, do not forget to check for Bank Foreclosed Homes and save money.
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Mar
14
Writing Single Column Cash Book, Double Column Cash Book and Triple Column Cash Book
Posted by: | CommentsAnil Kumar Gupta asked:
Single Column Cash Book
It has only one. column on each side for amount In fact, it is written just like cash account in the ledger (being real account what comes in is debited; what goes out is credited). This form of ‘cash book has the same ruling as that of a ledger account There is no need of having a cash account in the ledger. The purpose is ably served by cash book itself. Posting from debit (receipt) side of the cash book is done to the credit side of concerned accounts and from the credit side of cash book to the debit side of concerned accounts.
Balancing
The cash book is balanced in the same manner as a ledger account. As more cash cannot be paid then what we have, therefore the cash balance (if any) must always be a debit balance. Therefore, the receipts column will always be bigger than the payments column. The difference will be written on the credit side as “By balance c/d”. The totals are then entered in the two columns opposite one another and then on the debit side the balance is written as “To balance b/d”. It shows the cash balance in hand in the beginning of the next period. To verify the accuracy of the entries made, the cash book should be balanced frequently (preferably daily). The balance as per cash book must tally with the actual cash in hand.
Double Column Cash Book
As the phenomenon of offering and accepting cash discount is intimately associated with the act of receipt and payment of cash, therefore, the utility of cash book increases if the columns of discount are also provided in it. Cash book having additional columns for discount is known as double column cash book.
Triple Column Cash Book
These days it is difficult to carryon any business without having dealings with the bank. Normally bulk of its funds is kept by the business at a bank in a current account where frequent withdrawals and deposits are permitted. Bank transactions, i.e.. payments into and out of bank are more numerous than cash transactions. Therefore, it is appropriate as well as convenient that cash book should have one additional column on each side to record moneys deposited at bank arid payments out of the hank. The additional advantage to having this type of cash book is that bank account is not required to be maintained in the ledger.
Before we explain the method of writing up the triple column cash book you should be familiar with the concept of ‘contra entries’. Also note carefully the treatment of cheques received and issued by the business.
Contra Entries
In the three column cash book there will be some cross or contra entries i.e.. transfer of money from cash to bank (amount deposited) and vice versa (amount withdrawn from bank for office use). In all such cases both entries occur in the cash book and no ledger entry is required. This is indicated by a contra sign (C) in the folio column indicating thereby that the double entry aspect of this transaction is complete and it requires no posting to the ledger. Treatment of cheques in a triple-column cash book is explained below:
1. Cheques received and deposited in the bank on the same day: When the cheques received from the debtors are deposited in the bank on the day of receipt itself the entry is recorded in the bank column on the debit side of the cash book there from debtor’s account receives credit.
2. Cheques received but deposited in the bank on a later date: At the time when cheque is received it is recorded in the cash column on the debit side of the cash book and the date on which it is deposited in the bank, Two steps are required:-
(2.1) Enter the same in the cash column on the credit side of the cash book “By Bank A/c” and
(2.2) Enter it in the bank column on the debit side of the cash book’ ‘To Cash A/c”. Thus it assumes the form of Contra entry on the day of depositing the cheque into bank received earlier.
However, if there is no information as to the date of deposit of the cheque, it should beassumed that the cheque was deposited in the bank on the date of receipt.
3. Cheques received and endorsed in favor of some creditor :- On receipt, cheque is recorded in the cash column on the debit side and at the time of endorsement the same is recorded in cash column on credit side, By Creditors Ale.
4. Bearer cheques may be en cashed at the counter of the bank or it may be deposited in the bank. In case it is en-cashed it should be recorded in the cash column on the debit side, in case it is deposited in the bank the same should be recorded in the bank column on the debit side of the cash book.
Cash book is a Journalized ledger
Often a question is asked whether cash book is a journal or ledger? It is journal in the sense that all cash transactions are primarily recorded in the cash book with narration and therefore, these are posted to the relevant accounts in the ledger. Cash book is also ledger in the sense that it serves the purpose of cash account and bank account (in case of triple column cash book). No separate cash account is opened in the ledger where cash book is in existence. Thus cash book is a unique combination of journal and ledger. It is popularly known as journalized ledger.
Similarities of Cash book with journal
(1) Cash transactions are recorded in the cash book at the time of origin i.e. primary book.
(2) Transactions are recorded date-wise.
(3) Transactions from cash book posted to the relevant accounts (except cash account) in the ledger.
(4) Cash book contains ledger folio as in the journal.
(5) Narration is given for each entry.
Similarities of Cash book with ledger
(1) Form of cash book resembles With ledger. Two sides left hand side is the debit side (receipts) Right hand side is the credit side (payments).
(2) Words “To” and “By” are used as in the ledger.
(3) No separate cash account and bank account are required in the ledger. Thus cash book is the book of final entry for cash and bank transactions.
(4) Cash and bank columns of the cash book are periodically, balanced just like ledger accounts.
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Single Column Cash Book
It has only one. column on each side for amount In fact, it is written just like cash account in the ledger (being real account what comes in is debited; what goes out is credited). This form of ‘cash book has the same ruling as that of a ledger account There is no need of having a cash account in the ledger. The purpose is ably served by cash book itself. Posting from debit (receipt) side of the cash book is done to the credit side of concerned accounts and from the credit side of cash book to the debit side of concerned accounts.
Balancing
The cash book is balanced in the same manner as a ledger account. As more cash cannot be paid then what we have, therefore the cash balance (if any) must always be a debit balance. Therefore, the receipts column will always be bigger than the payments column. The difference will be written on the credit side as “By balance c/d”. The totals are then entered in the two columns opposite one another and then on the debit side the balance is written as “To balance b/d”. It shows the cash balance in hand in the beginning of the next period. To verify the accuracy of the entries made, the cash book should be balanced frequently (preferably daily). The balance as per cash book must tally with the actual cash in hand.
Double Column Cash Book
As the phenomenon of offering and accepting cash discount is intimately associated with the act of receipt and payment of cash, therefore, the utility of cash book increases if the columns of discount are also provided in it. Cash book having additional columns for discount is known as double column cash book.
Triple Column Cash Book
These days it is difficult to carryon any business without having dealings with the bank. Normally bulk of its funds is kept by the business at a bank in a current account where frequent withdrawals and deposits are permitted. Bank transactions, i.e.. payments into and out of bank are more numerous than cash transactions. Therefore, it is appropriate as well as convenient that cash book should have one additional column on each side to record moneys deposited at bank arid payments out of the hank. The additional advantage to having this type of cash book is that bank account is not required to be maintained in the ledger.
Before we explain the method of writing up the triple column cash book you should be familiar with the concept of ‘contra entries’. Also note carefully the treatment of cheques received and issued by the business.
Contra Entries
In the three column cash book there will be some cross or contra entries i.e.. transfer of money from cash to bank (amount deposited) and vice versa (amount withdrawn from bank for office use). In all such cases both entries occur in the cash book and no ledger entry is required. This is indicated by a contra sign (C) in the folio column indicating thereby that the double entry aspect of this transaction is complete and it requires no posting to the ledger. Treatment of cheques in a triple-column cash book is explained below:
1. Cheques received and deposited in the bank on the same day: When the cheques received from the debtors are deposited in the bank on the day of receipt itself the entry is recorded in the bank column on the debit side of the cash book there from debtor’s account receives credit.
2. Cheques received but deposited in the bank on a later date: At the time when cheque is received it is recorded in the cash column on the debit side of the cash book and the date on which it is deposited in the bank, Two steps are required:-
(2.1) Enter the same in the cash column on the credit side of the cash book “By Bank A/c” and
(2.2) Enter it in the bank column on the debit side of the cash book’ ‘To Cash A/c”. Thus it assumes the form of Contra entry on the day of depositing the cheque into bank received earlier.
However, if there is no information as to the date of deposit of the cheque, it should beassumed that the cheque was deposited in the bank on the date of receipt.
3. Cheques received and endorsed in favor of some creditor :- On receipt, cheque is recorded in the cash column on the debit side and at the time of endorsement the same is recorded in cash column on credit side, By Creditors Ale.
4. Bearer cheques may be en cashed at the counter of the bank or it may be deposited in the bank. In case it is en-cashed it should be recorded in the cash column on the debit side, in case it is deposited in the bank the same should be recorded in the bank column on the debit side of the cash book.
Cash book is a Journalized ledger
Often a question is asked whether cash book is a journal or ledger? It is journal in the sense that all cash transactions are primarily recorded in the cash book with narration and therefore, these are posted to the relevant accounts in the ledger. Cash book is also ledger in the sense that it serves the purpose of cash account and bank account (in case of triple column cash book). No separate cash account is opened in the ledger where cash book is in existence. Thus cash book is a unique combination of journal and ledger. It is popularly known as journalized ledger.
Similarities of Cash book with journal
(1) Cash transactions are recorded in the cash book at the time of origin i.e. primary book.
(2) Transactions are recorded date-wise.
(3) Transactions from cash book posted to the relevant accounts (except cash account) in the ledger.
(4) Cash book contains ledger folio as in the journal.
(5) Narration is given for each entry.
Similarities of Cash book with ledger
(1) Form of cash book resembles With ledger. Two sides left hand side is the debit side (receipts) Right hand side is the credit side (payments).
(2) Words “To” and “By” are used as in the ledger.
(3) No separate cash account and bank account are required in the ledger. Thus cash book is the book of final entry for cash and bank transactions.
(4) Cash and bank columns of the cash book are periodically, balanced just like ledger accounts.
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