Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Bank Balnce in trial balance
- This topic has 3 replies, 2 voices, and was last updated 3 years ago by John Moffat.
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- February 22, 2021 at 4:35 pm #611333
Hello there Mr.Moffat
So I was doing the section B in Kaplan and there was this list of items in the question that involved me to identify whether the items belonged in the trial balance or not
One of the questions was to identify whether a bank balance of 70(credit) is included in the trial balance
I said no because I thought that if there is a credit in bank balance it should be listed down as an overdraft
If it is a debit only we can state it as a bank balance or else it should be stated as an overdraft clearly if it is credit
My answer was wrong so I suppose it isn’t compulsory to name the bank balance as an overdraft if it is a credit balance and we could also just leave the bank balance like it is as a credit balance
I just wanted you to confirm whether my thought was correct about why my answer was wrong
February 22, 2021 at 5:29 pm #611352It is difficult for me to answer properly because I do not have the Kaplan books – only the BPP Revision Kit.
However, the bank balance should appear in the trial balance and if it is an overdraft then it will indeed be a credit balance.
Have you watched my free lectures? They are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
February 22, 2021 at 5:57 pm #611356Yes I have watched the free lectures
I understood the concept and everything
I think I just had a problem in my english I think when I tried the questionBut now I understood
Thank you very muchFebruary 23, 2021 at 8:32 am #611401You are welcome 🙂
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