• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Ask AI
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

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 3 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • June 5, 2022 at 7:13 am #657401
    jermy01
    Participant
    • Topics: 51
    • Replies: 31
    • ☆☆

    The following is a summary of Ami’s cash book as presented to you for
    the month of December 20X6:
    Cash book shows 554 overdraft

    All receipts are banked and payments made by cheque. Upon investigation you discover:

    1 Bank charges of $136 entered on the bank statement had not been entered in the cash book.
    2 Cheques drawn amounting to $267 had not been presented to the bank for payment.

    3 A cheque for $22 had been entered as a receipt in the cash book instead of as a payment;

    4 A cheque drawn for $6 had been incorrectly entered in the cash book as $66.

    What balance is shown on the bank statement at 31 December 20X6?

    A $913
    B $941 overdraft
    C $941
    D $407 overdraft

    Answer
    book says the answer is D. 407
    in the solution (its option 4) debit 60.
    but I think it should be credit 60, because I have drawn 6 but incorrectly posted as 66 so my money crease by 60, and I have to make it less now, so I should credit it right?

    June 5, 2022 at 9:47 am #657425
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54696
    • ☆☆☆☆☆

    A cheque drawn means that they have made a payment of $6. They have credited cash with $66 but should only have credited it with $6. Therefore they need to debit cash with $60 in order to correct the mistake.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • dkessilfie on FM Chapter 1 Questions – Financial management objectives
  • ahmadhoney on ACCA Advanced Audit and Assurance (AAA) The Audit Report 3: Types of Audit Report
  • Bimasha@123 on Discounted Cash Flow Techniques – ACCA Advanced Performance Management (APM)
  • Ken Garrett on Discounted Cash Flow Techniques – ACCA Advanced Performance Management (APM)
  • Bimasha@123 on Discounted Cash Flow Techniques – ACCA Advanced Performance Management (APM)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in