The cash book shows a bank balance of $17,016 overdrawn at 31 August 2014. It is subsequently discovered that a standing order for $3,144 has been entered twice, and that a dishonoured cheque for $550 has been debited in the cash book instead of credited.
What is the correct bank balance?
SUGGESTED SOLUTIONS
Bank Account
| $ | $ | ||
| Standing Order | 3,144 | Opening balance OD | 17,016 |
| Dishonoured cheque | 1,100 | ||
| Closing Balance | 14,972 |