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Solution 8.4 In this question: Opening balances dont agree but can be reconciled 383 (opening statement balance) + 864 (2nd Nov lodgement) 632 (CQ 80264) 146 (CQ 80263) = 469 (opening cash book balance). 864, 632 and 146 can be ignored as they related to last months reconciliation.5 items on the bank statement not yet recorded in the cash book2 errors in the cash book to correct5 outstanding cash book items for the reconciliationThe closing balance on the cash book was on the debit side this should be brought down on the credit side when getting the cash book ready for the corrections.
Note, the closing balance in the corrected cash book represents an overdraft because it is brought down on the credit side.
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