Kofi runs a trading business in Accra. His cash book shows a credit balance of $450. The bank statement shows an overdraft of $890. Which of the following could explain part of the difference?

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Question

Kofi runs a trading business in Accra. His cash book shows a credit balance of $450. The bank statement shows an overdraft of $890. Which of the following could explain part of the difference?

Accepted Answer

A cheque for $440 paid to a supplier has not yet been presented for payment — Award 1 mark for identifying that an unpresented cheque would cause the bank statement to show a higher overdraft than the cash book. The cheque has been recorded in the cash book (reducing the balance) but not yet deducted by the bank. A is incorrect — items recorded in both would not cause a difference. C is incorrect — items recorded in both would not cause a difference. D is incorrect — items recorded in both would not cause a difference.

Answer

A bank deposit of $300 has been recorded in both the cash book and the bank statement

Answer

A cheque for $440 paid to a supplier has not yet been presented for payment

Answer

A standing order of $200 has been recorded in both the cash book and the bank statement

Answer

A direct debit of $150 has been recorded in both the cash book and the bank statement

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