The cash book shows a bank balance of $17,016 overdrawn at 31 August 2014. It is subsequently discovered that a standing order for $2,096 has been entered twice, and that a dishonoured cheque for $440 has been debited in the cash book instead of credited.
What is the correct bank balance?
SUGGESTED SOLUTIONS
Bank Account
| $ | $ | ||
| Standing Order | 2,096 | Opening balance OD | 17,016 |
| Dishonoured cheque | 880 | ||
| Closing Balance | 15,800 |