Waec Model Questions Vol1 2020 Financial Accounting Question 7
Practice essay / theory question 7 from the 2020 Waec Model Questions Vol1 Financial Accounting examination. This question covers Bank Reconciliation .
A company’s cash book shows a balance of ₦185,000 at 31 December 2023. The bank statement for the same date shows a balance of ₦210,000. The following information is available: - Deposits in transit amounting to ₦22,000. - Outstanding cheques: ₦15,000 (Cheque No. 101) and ₦9,500 (Cheque No. 102). - The bank charged a service fee of ₦1,200 which was not recorded in the cash book. - The bank credited interest on the deposit of ₦800, also not recorded in the cash book. - A cheque of ₦12,500 was mistakenly entered in the cash book as ₦1,250. - A customer’s cheque of ₦5,000 was dishonoured and returned by the bank. Prepare a bank reconciliation statement and answer the questions below.
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This is Waec Model Questions Vol1 2020 Financial Accounting Question 7. It is one of the essay questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Bank Reconciliation .
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