Tell Ltd’s bank statement showed a credit balance of $5 000 at 30 November 2019. It...
Tell Ltd’s bank statement showed a credit balance of $5 000 at 30 November 2019. It also showed bank service charges of $30 and the collection of a note for the company amounting to $600. Unpresented cheques were $2 100 and there was an outstanding deposit for $3 000. What was the final bank balance in Tell Ltd’s ledger at 30 November 2019? Select one:
a. $5 270 DR b. $4 730 DR c. $5 270 CR d. $4 730 CR
Homework Answers
A) $ 5,270 Dr is the correct alternative.
Explanation :
Bank Reconciliation Statement
November 30, 2019
| Favorable Balance (Cr) as per Bank statement | $5,000 | |
| Outstanding deposit | $3,000 | |
| $8,000 | ||
| Less: Collection of note made by the bank, but not recorded in the ledger | $600 | |
| Unpresented cheques by the creditors but which was debited in the cash book (ledger) | $2,100 | |
| Bank service charges | $ 30 | |
| $2,730 | ||
| Favorable (Dr )Final Balance as per ledger (November 30,2019) | $5,270 |
Note : Favorable balance as per Bank statement denoted as credit balance and favorable balance as per ledger ( cash book) denoted as debit balance .
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