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    Daniella Cookie
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    Reconciling a cash book with a bank statement each month allows a business owner to identify errors, amounts not credited by the bank, and reconcile any differences. Specifically, it helps identify cheques that were paid into the bank but not on the statement, cheques paid by the business but not on the statement, and other reconciling items like unpresented cheques, bank charges, direct debits paid, credits received, cash sales not deposited, bank errors, and dishonored cheques. The cash book tracks some reconciling items while the bank statement tracks others.

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    Accounting

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    Reconciling a cash book with a bank statement each month allows a business owner to identify errors, amounts not credited by the bank, and reconcile any differences. Specifically, it helps identify cheques that were paid into the bank but not on the statement, cheques paid by the business but not on the statement, and other reconciling items like unpresented cheques, bank charges, direct debits paid, credits received, cash sales not deposited, bank errors, and dishonored cheques. The cash book tracks some reconciling items while the bank statement tracks others.

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    Igcse Accounting Exam-Style Questions

    Uploaded by

    Daniella Cookie
    Reconciling a cash book with a bank statement each month allows a business owner to identify errors, amounts not credited by the bank, and reconcile any differences. Specifically, it helps identify cheques that were paid into the bank but not on the statement, cheques paid by the business but not on the statement, and other reconciling items like unpresented cheques, bank charges, direct debits paid, credits received, cash sales not deposited, bank errors, and dishonored cheques. The cash book tracks some reconciling items while the bank statement tracks others.

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    © All Rights Reserved
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    IGCSE ACCOUNTING

    Exam- style questions

    4.
    a. It is useful for Zafar to reconcile his cash book with the bank statement every month because errors in the
    bank account or on the bank statement can be identified and amounts not credited by the bank can be
    identified.

    b.
    Cheque not credited- cheque that have been paid into the bank and entered on the debit sides of the cash
    book, but which do not appear on the bank statement.
    Cheque not presented- cheque that have been paid by the business and entered on the credit of the cash
    book, but which do not appear on the bank statement.

    c.
    Updating cash book Bank reconciliation statement
    Unpresented cheque 
    Bank charges 
    Direct debit paid for electricity 
    Credit transfer from Waseem 
    Cash sales not yet credited 
    Bank error 
    Cheque from Adil dishonored 

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