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kindly help me solve this question with the appropriate logic to the correct answer.
The following attempt at a bank reconciliation statement has been prepared by q limited:
overdraft per bank statement $38600
add: deposits not credited 41200
= 79800
less: outstanding cheques 3300
overdraft per cash book = 76500assuming the bank statement of $ 38600 (o/d) to be correct, what should the cash book balance be?
a) $76600 overdrawn
b) $ 5900 overdrawn
c) $ 700 overdrawn
d) $ 5900 cash at bankThe O/D as per bank statement should be in negative that is – $38,600
So that would mean:
overdraft per bank statement -38600
add: deposits not credited 41200
= 2600
less: outstanding cheques – 3300
overdraft per cash book = 700So (c) $700 overdrawn seems to be right answer
Hope this clears it.
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