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Solution 8.2
There are a number of reasons why Paddy’s bank statement balance is difference to his cash book balance. Firstly, timing differences in relation to lodgments, when a lodgment is made to a bank it will take a number of days to ‘clear’ through the banking system. Also, cheques paid out by Paddy may not have been presented to the bank be the payee or may not have cleared through the banking system. The bank statement will have items, such as bank charges, on it that Paddy will not have entered in the cash book. Finally, there could be errors in either system.
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