The bank statement of a business showed a credit balance of $3421, which did not agree with the balance in the cash book. Further investigation revealed that a receipt entered in the cash book for $125 and a payment for $455 had not yet appeared on the bank statement. The bank statement showed bank charges of $64 and a credit transfer of $177 which had not been entered in the cash book. Which balance was shown in the cash book before making the necessary changes and preparing a reconciliation statement?

A sales ledger control account was prepared. An irrecoverable debt of $40 was omitted and a discount allowed of $68 w…

The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?

Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptl…

Which statements describe a capital reserve? 1 It is a reserve arising from a gain which is not yet realised. 2 It is…

The following is an extract from a statement of changes in equity. ordinary share general retained share capital prem…

The following has been extracted from the financial statements of a business. $ revenue 135000 total capital employed…