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can someone solve this acca f3 questions :
(1) When X prepares her bank reconciliation. She finds that the sum of $ 500 has been paid directly into her bank account by a customer. In addition a cheque for $ 40 has been returned as the customer did not have sufficient funds in his account. She has not make any bookkeeping entries in respect of this . What adjustments should X make to her cash book when she carries out her reconciliation?
which is one below : Dr Cash CR cash
(i)Direct payment $ 500
(ii)Returned cheque $ 40Cash book:
Dr 500
Cr 40What does the bank know that we do not?
She finds 500 has been entered into her bank account, so she probably hasn’t recorded the 500 into her cash book yet.
A cheaque has bounced, but she had probably Debited the 40 previously – when she first received the cheque – but now the cheque has been returned, she won’t get paid. So she need to reduce the cash book.
P.S why is the spell check telling me I’ve spelt ‘cheque’ wrong, and the word ‘spelt’?
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