ACCA FA2 Bank Reconciliation
Samantha has prepared the following bank reconciliation statement at 31 March:
| $ | ||
| Balance on Bank statement | 1,200 | OVERDRAWN |
| Outstanding cheques | 100 | |
| Outstanding lodgement | 3,000 | |
| Balance on ledger account | 1,700 | DEBIT |
How should the bank balance be reported in Samatha's statement of financial position as at 31 March?
SUGGESTED SOLUTIONS
| $ | |
| Balance on Bank statement | (1,200) |
| Less Outstanding cheques | (100) |
| Add Outstanding lodgement | 3,000 |
| Adjusted Bank Balance | 1,700 |
| Balance on Ledger account | 1,700 |