What was the final bank balance in the ledger at 30 November
XYZ ltd's Bank statement showed a credit balance of $7000 at 30th of November. It also showed bank serivce charges of $1100 and the collection of note for the company amounting to $300. Unpresented cheques were $700 and there was an outstanding deposit for $2300. What was the final bank balance in XYZ ledger at 30th of November?
I thought the correct answer would of been $7200 Dr but thats not an option, the correct answer is apparently C - Am i meant to treat unpresented cheques as inflow and not outflow in this account?
a)5400 Dr
b)5400 Cr
c)8600 Dr
d)8600 Cr
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