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Please explain.where do we have to write dishonoured cheque to and why?
The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank.
What is the correct bank balance to be shown in the statement of financial position at 31 October
20X7?
A $1,010 overdrawn
B $880 overdrawn
C $750 overdrawn
D $720 overdrawnWe do not write dishonoured cheques!
You need to watch the free lectures on bank reconciliations – they are explained in full there.
Our lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.
As far as your question is concerned, please do not set test questions. You must have an answer to it in the same book in which you found the question, and so (when you have watch the lecture) ask about any problem you have understanding the answer.
I certainly did understand you, and I said that you should watch the free lectures because the entires and the reasons are explained in full in our lectures (and asked you not to set test questions – that it not what we are here for).
We enter the cheque when we receive it. When we find it is dishonoured we need to remove it by crediting cash.
I certainly did understand you, and I said that you should watch the free lectures because the entires and the reasons are explained in full in our lectures (and asked you not to set test questions – that it not what we are here for).
We enter the cheque when we receive it. When we find it is dishonoured we need to remove it by crediting cash.
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