2nd Edition by Edwin Olima FCCA
this exercise you will check the bank account transactions
out in the previous chapter to the bank statements to ensure that no
mistakes have been made.
do this, follow the steps listed below:
Get the bank statement
your Work Pack on page 44
and using a red pen tick each transaction that you can see
in BOTH the bank statement and the bank account transaction listings
receipts and payments lists compiled in Chapter
You should be
left with two cheque transactions
the bank account transaction listings that have not been ticked.
These are the cheques
have not yet cleared through the bank as per the bank statement
Ensure that the bank
at the end of the period can be reconciled
the net balance of the bank account transaction summary (Chapter 3
To do this, arrange your reconciling
sums in the format below.
accounting, negative numbers are denoted with brackets (
) around them indicating that they should be deducted when
totaling up a column of figures. This is the preferred alternative
to using the familiar negative sign ‘ – ‘.
your bank reconciliation
to the one in the answer at the back of the book.