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Hello John, I hope you are doing great. I was revising bank Reconciliation. And I totally confused at a question from kaplan textbook.
I can’t write the whole question it is 2 pages long with Bank A/C given and Bank Statement given.
And it says to Update cashbook and prepare reconciliation statement.
The problem is as you said in The lectures, in real life no one gives a list of errors and differences to adjust the cashbook and prepare bank reconciliation statement and the exact situation is in this question. I am confused how I attempt the question. The way I attempted looking at every entry in bank A/c or cashbook and then looking at every line in bank statement. It’s very disorganized and confusing. However, I attempted 1 question for 15 minutes and still reached wrong answer. Can’t match the balances. Please guide me how to do it.
I understood the solution by going through a solution. But there is a transaction in the bank – withdrawal of USD 297. And it is not presented in Bank A/c in the business record.
I perceived it as omission by accountant/book keeper. But the solution states it as bank error. And no other information is mentioned. This type of question is enough to take a lot of time and no marks in exam for this question. Can this type of question come in exam?
Even after 15 minutes got the question wrong, missed to check an entry in bank a/c with bank statement. BTW, Here Bank A/C is same as Cash A/C or Cashbook right ?
Bank account is the same as the cash account and the cashbook.
This time of question cannot be asked in the exam. It is in the Study Text in order to illustrate how it works in real life.
If you re watching my free lectures then you do not really need the Study Text because the lectures cover everything needed to be able to pass the exam well.
The essential book in the Revision Kt (Exam Kit) because that it full of exam standard questions for practice.
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