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BANK RECONCILIATION

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › BANK RECONCILIATION

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • December 7, 2018 at 11:56 am #488207
    mdalimulrazi
    Member
    • Topics: 5
    • Replies: 4
    • ☆

    please solve it

    A cheque issued to jones for $25 was replaced when out of date. It was entered again in the cash book, no other entry being made. Both cheques were included in the total of unpresented Cheques shown above.

    What does mean by “It was entered again in the cash book, no other entry being made” ?
    please shortly explain this

    December 8, 2018 at 9:02 am #488414
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54662
    • ☆☆☆☆☆

    Because the original cheque was out of date, it should have been cancelled and the entry in the cash book cancelled (so they should have debited cash to cancel the original payment). Then they issue a new cheque to then they should credit cash.

    They have done the second thing (i.e. entered the new cheque) but they have made no other entry – so they have not cancelled the original cheque as they should have done.

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