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The bank statement reveals an EFT received from a customer that has not yet been recorded...

The bank statement reveals an EFT received from a customer that has not yet been recorded in the ledger. How would this information be included on the bank reconciliation?

  

an addition on the bank side

   

a deduction on the bank side

   

a deduction on the book side

Correct Answer  

an addition on the book side

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Answer #1

Option D

.

EFT = Electronic Fund Transfer.

To be simple, it means that a customer sent money to bank account online. Due to this bank account balance will increase. So, to match with the bank balance, during reconciliation we have to add this amount to book balance.

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