Note that the bank balance on the statement of financial position is
always the balance per the revised cash book.
Test your understanding 2
In preparing an entity’s bank reconciliation statement, the accountant
finds that the following items are causing a difference between the cash
book balance and bank statement balance:
1 Direct
debit
$530.
2
Lodgements not credited $1,200.
3
Cheque paid in by the entity and dishonoured $234.
4
Outstanding cheques $677.
5
Bank charges $100.
6
Error by bank $2,399 (cheque incorrectly credited to the account).
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