Bank Reconciliations (b) – ACCA Financial Accounting (FA) lectures
Reader Interactions
Comments
Leave a Reply
You must be logged in to post a comment.
Free ACCA & CIMA online courses from OpenTuition
Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams
20% off ACCA & CIMA Books
OpenTuition recommends the new interactive BPP books for December 2024 exams.
Get your discount code >>
Super helpful thanks!
tutor in this example suppose a payment 2100 had been entered in the cash ACC as 1200
what i do am i credited the difference or debited like this example
If you have only credited with 1,200, which is 800 too little, then to correct it you will credit with another 800.
Dear Sir
Your straight faced , wry humor is very British & lends itself very nicely as a relief during such lectures ?
Thank you for both the lecture & your humor !
I have “reconciled” to the fact that I’ve understood this chapter well
Happy New Year !
Thank you for your comment, and Happy New Year to you also 🙂
Kindly provide me the answer to the following question:
Mr. A, a farmer, is into eggs production. He has 1000 poultry birds which he intends to keep for two years before selling them off as old layers.
Under what class of assets will these poultry birds appear in Mr. A’ s statement of financial position?
This has nothing to do with Bank Reconciliations, so why have you posted this here?
Ask in the Ask the Tutor Forum.
Thanks for the lecture,I had a doubt regarding the unpresented cheques and dishonoured cheques.Do we by always consider the unpresented cheques as cheques which have to be deducted from our bank account,can’t it be that those cheques are payment that we are going to receive from another party? Because that is a possibility in reality,same for dishonoured cheques.
Hi Sir,
Please could you help me with the below question?
The following bank reconciliation statement has been prepared for a company:
Overdraft per bank statement $ 39,800
Add: Deposits credited after date $ 64,100
$103,900
Less: Unpresented cheques presented after date $ 44,200
Overdraft per cash book $ 59,700
Assuming the amount of the overdraft per the bank statement of $39,800 is correct, what should be the balance in the cash book?
I don’t understand why the OD per bank statement wouldn’t start with negative 39,800?
Thank you
You must ask this sort of question in the Ask the Tutor Forum, and not as a comment on a lecture.
In the bank reconciliation statement you will start with a negative 39,800 . The question is asking you to correct the existing statement which has obviously been prepared wrongly.
hi sir….so what happens if the bank statement has a debit balance (overdraft)? do I then still use the same format whereby I subtract the cheques not yet presented and add the lodgements not yet credited? or does the format change in any way?
The format itself does not matter. But if there is an overdraft then unpresented cheques increase the overdraft and lodgements not credited reduce the overdraft,