Ask Experts Questions for FREE Help !
Ask
    margaret cunningham's Avatar
    margaret cunningham Posts: 6, Reputation: 2
    New Member
    		  
    #1

    Oct 30, 2007, 06:11 AM
    Bank reconciliation
    Why, in simple terms please, when a cheque in credit side of cash book is recorded twice, do we reconcile it by adding it to the cash book?! Or is my teacher losing his marbles, or maybe just testing us?? Thanks
    andreai's Avatar
    andreai Posts: 3, Reputation: 1
    New Member
    		  
    #2

    Oct 30, 2007, 04:54 PM
    Quote Originally Posted by margaret cunningham
    why, in simple terms please, when a cheque in credit side of cash book is recorded twice, do we reconcile it by adding it to the cash book?!?!? or is my teacher losing his marbles, or maybe just testing us?!?! thanks
    If one cheque is credited twice in error to the cash book, you would debit the amount of one cheque, basically to cancel one out, leaving the correct balance in the cash book. Hope I understood your question.
    margaret cunningham's Avatar
    margaret cunningham Posts: 6, Reputation: 2
    New Member
    		  
    #3

    Oct 31, 2007, 01:20 AM
    Thanks very much andreai... would you believe I figured it out last night after a struggle... when we do reconciliations we were just looking at bank statement and cash book, and forgetting that there was 2 sides to each! As homer would say doh! Thanks again! Feeling much better about exam Friday!
    andreai's Avatar
    andreai Posts: 3, Reputation: 1
    New Member
    		  
    #4

    Oct 31, 2007, 12:24 PM
    Good Luck!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Bank Reconciliation [ 9 Answers ]

1. The CASH account in the Depositors Ledger is an what? (a)asset with debit balance (b) asset with credit balance (c) liability with a debit balance (d) liability with a credit balance 2. Following the completion of the bank rec. and adjusting entry was made that debited cash and redited...

Bank reconciliation [ 2 Answers ]

If a check for $2,420.00 was returned with the statement was recorded as $2,024.00, under which heading do I make changes. I know I need to make it for $360.00 but do I do under balance per bank, or balance per books?

Bank reconciliation [ 1 Answers ]

Journal entries based on the bank reconciliation are required in the depositor's accounts for a. book errors b. outstanding checks c. bank errors d. deposits in transit Am I wrong or right?

Bank Reconciliation [ 1 Answers ]

Hi, I am trying to reconcile this company's bank account for homework and I have become very confused. The reconciled balance should be 34,308 and the Credit Notes Rec. should be 9000. I cannot get this and I've started over three times. Maybe someone could help? 1. After all posting is...

View more questions Search