The cash book shows a bank balance of $34,032 overdrawn at 31 August 2014. It is subsequently discovered that a standing order for $3,668 has been entered twice, and that a dishonoured cheque for $990 has been debited in the cash book instead of credited.
What is the correct bank balance?
SUGGESTED SOLUTIONS
Bank Account
| $ | $ | ||
| Standing Order | 3,668 | Opening balance OD | 34,032 |
| Dishonoured cheque | 1,980 | ||
| Closing Balance | 32,344 |