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Below mentioned are the causes of difference between the cash book and the pass book: 1. Cheques issued but not presented for Payment A trader immediately records the payment made by a cheque to a creditor or, for any expenses, in the cash book credit side (payments side). The debit for the same, however, will appear in the pass book only when payee presents the cheque for payment to the bank. There is usually a time lag between the date of issue of the cheque by the drawer and presentation by the payee. 2. Cheques Deposited into Bank but not yet collected The customers will issue cheques to the trader on the bank. As and when the cheques are received, he will deposit these in his bank account and entries will be immediately recorded in his cash book on the debit side (receipts side). His banker, however, will credit the amounts of the cheques, to the customer's account, on the dates of clearance of the cheques by the clearing house. There is a time lag between the date of deposit of the cheques in the bank by the trader and that of credit in his account in the bank. 3. Bank Charges For collection of outstation cheques, payments made as per the standing instructions, issue of cheque books, the bank will debit customer's account and the trader might forget about the timing of the charges to be reflected in his cash book. 4. Interest on Saving Bank The bank credits the customer's account in the pass book for the interest on the credit balance, the exact amount of which may not be known to the trader. 5. Interest on Overdraft When the trader draws more than what he has in the bank account, the account is said to be overdrawn. This facility is normally availed by a trader with prior arrangements with his bank. The banker debits the customer's account for the interest on an overdrawn balance which may not be known to the trader. 6. Amount Collected by Bank on Standing Instruction The trader often issues some standing instructions, authorising his banker to collect on his behalf certain amounts due to him, such as interest, dividend etc.
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