cheque purchase a/c

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Tushar

Tushar (Querist)
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06 April 2011 what is cheque purchase a/c? and where it can shown in balansheet?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 April 2011 Generally the said term is used in banking terminology. If the customer of a bank want to encash a cheque immediately with out sending for collection, the bank may, at its discretion, purchase local/ outstation cheques tendered for collection at the specific request of the customer or as per prior arrangement with the bank. Besides satisfactory conduct of the account of the customer, the standing of the drawer of the cheque will also be considered while purchasing the cheque by the bank.

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