Homework Answers
Sollution:-D) Option "D" is the correct answer.
Conclusion:-
Where any cheque drawn by a person for the discharge of a liability is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or;
That it exceeds the amount arranged to be paid from that account by an agreement made with that bank
It can be also called as dishonoured cheque or bounced cheque or returned cheque
Cheques are returned by the banker for the following reasons:
1)In sufficient funds - when there is no sufficient balance in the account for making payment of the cheque
2)Stale cheque - when the date of the cheque is beyond the validity period of three months
3)Post dated cheque - when the date of presentation of the cheque is one or more days earlier than the date of the cheque etc.
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