O-LevelAccountingVerification of accounting records7707/12 · May/June 2017 · Q61 Mark
On 31 July the bank column in Jay's cash book showed he had $312 in the bank. On the same date his bank statement showed a debit balance of $53. It was found that bank charges, $47, had not been recorded in the cash book and a cheque, $318, from a customer had not been credited by the bank. What is the bank balance that should be shown in Jay's statement of financial position on 31 July?
A$265 asset
B$324 liability
C$359 asset
D$371 liability
✓ Correct answer
A: $265 asset
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