ACCA FA2 Bank Reconciliation

Samantha has prepared the following bank reconciliation statement at 31 March:

$
Balance on Bank statement 2,400OVERDRAWN
Outstanding cheques 200
Outstanding lodgement 9,000
Balance on ledger account 6,400DEBIT

How should the bank balance be reported in Samatha's statement of financial position as at 31 March?

SUGGESTED SOLUTIONS

$
Balance on Bank statement (2,400)
Less Outstanding cheques (200)
Add Outstanding lodgement 9,000
Adjusted Bank Balance 6,400
Balance on Ledger account 6,400
Note: Debit in cash balance means current asset.

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