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Bank Reconciliations (c)
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Hi Mr Johnmoffat you have been a great lecture so far , long live Mr John although im unable to view your lecture on my phone samsung SIII bt I really appreciate your effort and time given to us students all over the world without a single moneny . May God bless you.
Can you pls help me with the below question:
At 31 January 2007, George’s bank statement shows a credit balance of $1,500. In
comparing this with his cashbook, George has found the following:
• cheque payments amounting to $450 have not yet been presented at the bank
for payment
• bank charges of $20 have not been recorded in his cashbook
• cheque receipts amounting to $200 are not shown on the bank statement.
What amount should appear in George’s statement of financial position for cash at
bank?
A $1,500
B $1,250
C $1,750
D $1,230
According to your lecture and my understanding of bank recon the correct answer is D yet the answer given by them is B!!! Please do respond to me, I have posted a similar question in (allowance for receivable lecture) in which the naswer in my mock exam was different from what I learned in the lecture but no answer from opentuition, I need to clear that up as my exam is after tmr. Thanks!
Hi Sir John – I also get answer $1250, answer B and I cant see where I’m wrong if your answer D is correct.
Please help – I’m doing my exam in 2 weeks
biggles – it is not my answer. This was a question from his mock exam!
The answer is B, and the reason is that the cheque receipts are lodgements/deposit not yet credited by the bank.
So…the bank reconciliation would show balance of 1500 less unpresented cheques 450 plus deposits not yet credited 200 = 1250. This would equal the correct balance on the cash book (although we cannot check the cash book because we do not know the current balance on the cash book)
(Your other question was answered in March)
totally get it 100%
How to deal with an Overdraft in Bank reconciliations , how often is it tested and how important is it?
@rhwesley, why do we add cheques deposited and not cleared when dealing with overdraft as per cashbook?
@rhwesley, You are adding to a negative figure – it makes the overdraft less negative (i.e. a lower overdraft)
@rhwesley, An overdraft is simply a negative bank balance – otherwise everything is the same. There are often overdrafts in questions because it is easy then to make silly mistakes (see test question 1 at the end of the chapter).
how do we deal with overdrafts in bank reconciliations
Awesome tutor.
Awesome teaching style.
We entered 2100 in the cash account while it should have been 1200, therefore we’ve got an excess of £900 in the cash account, why do we debit the cash account (add another £900) instead of crediting the account with £900 in order to get the right figure i.e 1200. can you please explain? thanks
@annakr, sorry just realised its a payment not money we received.
I love unexpierenced accountants, they’re lovely))
u have to like this page to watch full lecture some time.
are there no boys in the class? only girls give answers…
@allamardneket4, the boys are more shy
we want to see lecture also……:P
brilliant i like that. all confusing matters in the exam were touched….thank you Opentuition for these wonderful lectures.
why is this lecture stuck halfway???