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The following information relates to a business’s bank balance at 30 November 20X7:
$Debit balance in cash book 25,050
Cheques not yet presented at bank 8,612
Deposits not yet cleared at bank 11,665
Cheques paid to suppliers on 29 November not
yet recorded in the cash book 2,157Cheque received on 27 November recorded twice
in the cash book 620Cheque received on 1 December 20X7 1,019
What is the correct bank balance to be included in the financial statements at 30 November 20X7?
Please provide the working for this question.
Thanks.Why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – it has answers and workings!
The cash book was showing a debit balance of 25,050. They had not recorded a payment of 2,157 and so when this is recorded the balance will fall by 2,157.
Also, they had recorded a receipt of 620 twice, so they need to remove one of the receipts which make will the cash balance fall by another 620.
None of the other items affect the balance as at 30 November.
20X7.Have you watched my free lectures on bank reconciliations where all of this is explained? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
Understood sir. Yes, I have watched the lectures & will continue to do so…
Thank you.
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