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margaret cunningham
Oct 30, 2007, 06:11 AM
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
Oct 30, 2007, 04:54 PM
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
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
Oct 31, 2007, 12:24 PM
Good Luck!