When balancing the Cash account, the debit balance brought down has been stated as £34,650 instead...
When balancing the Cash account, the debit balance brought down has been stated as £34,650 instead of £31,750. What will comment on this:
|
1. |
Debit short of £2,900 |
|
|
2. |
Trial balance balances |
|
|
3. |
Debit excess of £2,900 |
|
|
4. |
None of the above |
Homework Answers
Answer is 3. Debit excess of 2,900
Explanation:
Cash account always has a debit balance.
Debit balance brought down has been overstated by 2,900 (34,650-31,750).
Actual Cash Account should be as follows:
| Cash account | |||
| Balance C/d | |||
| Balance B/d | 31,750 | ||
Instead of above cash account it was overstated by 2,900 as follows:
| Cash account | |||
| Balance C/d | |||
| Balance B/d (31,750(actual)+2900(over stated) | 34,650 | ||
Therefore Debit balance of cash account is in excess of 2,900.
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