Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Kuwait Finance House (KFH) had the following transactions during the month of July 2015: 1) A customer deposited KD 2,000 cash and KD
The Kuwait Finance House (KFH) had the following transactions during the month of July 2015: 1) A customer deposited KD 2,000 cash and KD 5,000 check drawn on another bank to his saving account. 2) The KFH provides Qard Hassan in the amount of KD 10,000 to a customer 3) A customer cashes a check in the amount of KD 2,500 from his checking account 4) Vault cash in the amount of KD120,000 is transferred from the main office of a bank to a branch office. 5) A customer transfers funds of KD 6000 from a saving account to a checking account. 6) A customer cashes a check drawn on KIB in the amount of KD 7,500. 7) The KFH has excess of funds of KD 2,600,000 and transfers them to the Central Bank of Kuwait. 8) A customer makes payment for Qard Hassan of KD 6,000 with a check drawn on KIB. 9) A customer deposited a check drawn on KIB in the amount of KD 4,500 to his saving account. 10)A customer makes payment for Qard Hassan in the amount of KD 2000 from his saving account. Required: Record the above transactions in the accounting records of NBK bank Date 1 Accounts titles Dr Cr 6 9 10
Step by Step Solution
★★★★★
3.40 Rating (147 Votes )
There are 3 Steps involved in it
Step: 1
Date Accounts titles Dr Cr Cash 2000 2000 Due from other banks 5000 5000 Loans ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started