Question

Christina balanced her cash book on 31 October 2004 and brought down a debit
balance of $3280 on 1 November. Her bank statement for October 2004 showed
a closing credit balance of $208. When comparing the cash book with the bank statement, Christina found the
following:
1 These items appreared only in the cash book:
Cheque $280, paid to Wilma, a creditor supplier
Cash sales $1643
2 These items appeared only on the bank statement:
Bank charges of $109
Insurance, $850, paid by standing order
3 The bank had debited Christina’s business bank account with a standing
order for $750, for a life insurance policy premium which should have
been paid from Christina’s personal bank account. a) Make any additional entries required in Christina’s cash book. Calculate
a new bank balance at 31 October 2004. Bring down the balance on 1
November 2004. b) Prepare a bank reconciliation statement at 31 October 2004. c) State the bank balance that should be shown in Christina’s statement
of financial position on 31 October 2004 and state whether it is an asset
or a liability.

Answer 1

Answer:

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Answer 2

Answer:

Option (C.) is the correct answer.

Explanation:

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