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Bank Recon

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Bank Recon

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
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  • Author
    Posts
  • January 15, 2019 at 10:06 am #502017
    finnfinn
    Member
    • Topics: 5
    • Replies: 1
    • ☆

    Dear sir, if the question mentions that the bank balance is o/d, it should be a negative figure correct?

    Question :

    The cash book shows a bank balance of $5,675 overdrawn at 31 August 20X5. It is subsequently
    discovered that a standing order for $125 has been entered twice, and that a dishonoured cheque for
    $450 has been debited in the cash book instead of credited.
    What is the correct bank balance?
    A $5,100 overdrawn
    B $6,000 overdrawn
    C $6,250 overdrawn
    D $6,450 overdrawn

    Answer :

    Balance b/d 5,675 o/d —— why isnt this (5,675)?
    Less: standing order (125)
    Add: dishonoured cheque (450 ? 2) 900
    6,450 o/d

    thank you sir and sorry for the disturbance 🙁

    January 15, 2019 at 3:01 pm #502074
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    An overdraft is a negative balance. But that doesn’t mean you have to put it in brackets – you can if you want, but writing o/d against it makes it clear that it is an overdraft.

    This isn’t a maths exam 🙂

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