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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 9 months ago by John Moffat.
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  • June 5, 2022 at 7:13 am #657401
    jermy01
    Participant
    • Topics: 49
    • Replies: 29
    • ☆☆

    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: 56
    • Replies: 51894
    • ☆☆☆☆☆

    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.

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