On 31 May 20X2 the bank statement of Harrison Ltd showed a balance of £26,500. As part of the bank reconciliation process, the following came to light: cheques from customers totalling £7,000, which had been banked by Harrison Ltd.’s book-keeper on 30 May, had not yet been processed by the bank a customer cheque for £2,540 which had been credited to the bank account had been recorded in error in the cash book as £2,450 a cheque for £8,000 sent by Harrison Ltd to a supplier had not yet been presented by the recipient You are required to deduce the balance currently shown as at 31 May 20X2 in Harrison Ltd’s accounting records.
On 31 May 20X2 the bank statement of Harrison Ltd showed a balance of £26,500. As part of the bank reconciliation process, the following came to light: cheques from customers totalling £7,000, which had been banked by Harrison Ltd.’s book-keeper on 30 May, had not yet been processed by the bank a customer cheque for £2,540 which had been credited to the bank account had been recorded in error in the cash book as £2,450 a cheque for £8,000 sent by Harrison Ltd to a supplier had not yet been presented by the recipient You are required to deduce the balance currently shown as at 31 May 20X2 in Harrison Ltd’s accounting records.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
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Question
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On 31 May 20X2 the bank statement of Harrison Ltd showed a balance of £26,500. As part of the bank reconciliation process, the following came to light:
-
cheques from customers totalling £7,000, which had been banked by Harrison Ltd.’s book-keeper on 30 May, had not yet been processed by the bank
-
a customer cheque for £2,540 which had been credited to the bank account had been recorded in error in the
cash book as £2,450 -
a cheque for £8,000 sent by Harrison Ltd to a supplier had not yet been presented by the recipient
You are required to deduce the balance currently shown as at 31 May 20X2 in Harrison Ltd’s accounting records.
-
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