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Bank Reconciliation

This topic has 1 reply, 2 voices, and was last updated 8 months ago by John Moffat.

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October 9, 2021 at 10:22 pm #637365
Isabella1
- Topics: 33
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Question 1:
What are aggregation of deposit in bank statement. In book it is said that “Beaware of aggregation of deposit in Bank Statement.”

Question 2:
When we do adjustment of timing difference in Bank’s Statement balance so we credit and debit?
(A) Uncleared Cheque
(B) Unpresented Cheque
October 10, 2021 at 9:09 am #637379
John Moffat
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- Topics: 57
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1. Aggregation means showing things in total rather than individually, so I guess here it means just showing one total for all the deposits. However it is a very odd thing for your book to say it is something to beware of. It is not something that causes a problem in exam questions.

2. We do not debit or credit either of them. We use the in the bank reconciliation statements so as to be able to explain the difference between the balance in the cash account and the balance on the bank statement.

This is all explained in my free lectures on bank reconciliations. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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