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Bank statement

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Bank statement

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • March 4, 2015 at 6:59 am #231186
    Quốc Anh
    Participant
    • Topics: 41
    • Replies: 23
    • ☆☆

    I have a excercise like this:

    The following bank reconciliation statement has been prepared by a trainee accountant:
    Overdraft per bank statement: $3860
    Less: outstanding cheques: $9160
    Add: deposits credited after date: $16690
    => Cash at bank as calculated above: $21990

    What should be the correct balance per the cash book?
    A. $21990 balance at bank as stated
    B. $3670 balance at bank
    C. $11390 balance at bank
    D. $3670 overdrawn

    Why the answer is B, I learned in text book and found that the balance c/d in cash account after we adjust it by means of journal entries is equal to the balance per cash book in bank statement, i choose A, why is my answer wrong.

    On the other hand, why overdraft per statement is expressed in form of the positive number 3860, why not -3860?

    March 4, 2015 at 8:37 am #231204
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54704
    • ☆☆☆☆☆

    If they say there is an overdraft of 3860 then they do not need to write that it is negative – an overdraft is automatically a negative balance. Although by all means use negatives in your workings.

    You do not need to use journal entries – Paper F3 is not really a double entry exam!

    The outstanding cheques will make the overdraft bigger – so it becomes 3860 + 9160 = 13020.

    The deposits credited after date make the overdraft smaller and here turn it into a positive balance: 16690 – 13020 = 3670 – this is the balance at the bank in the cash account.

    Please change your picture – the ACCA get angry when people use their logo, because it is copyright and they do not allow it to be used without permission.

    March 4, 2015 at 11:30 am #231224
    Quốc Anh
    Participant
    • Topics: 41
    • Replies: 23
    • ☆☆

    Thanks for your help

    March 4, 2015 at 12:43 pm #231236
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54704
    • ☆☆☆☆☆

    You are welcome 🙂

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    Posts
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