Explain the type of crossing that may be made on a cheque, highlighting the significance of each type.

(a)Define the term “a cheque”

(b)Explain the type of crossing that may be made on a cheque, highlighting the significance of each type.

(c)Hesabu, an accountant of Speed Company Ltd, prepared a bearer cheque for Haraka’s signature who was the duly authorized signatory. The amount appeared in figures as Sh. 2000, but the amount was not written in words. Haraka signed a cheque. Hesabu then altered the amount to read Sh. 20,000 and he indicated the amount in words, withdrew Shs. 20,000 from the company’s account. Hesabu handed over Sh. 2000 to Haraka but pocketed the 18,000 being the difference between Sh. 20,000 and Sh. 2,000. Speed Company Ltd has ascertained the true position and is insisting that the bank credit its account with the sum of Kshs. 18,000. Advise the bank.

 

 

 

 

 

 

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