Bank Reconciliation Test Your Knowledge

What is the opening Bank balance as at 1 January 20.4?

• 323 018.35

• 289 675.89

• 319 684.11

• (319 684.11)

What is the total c/f for the Cashbook Receipts as at 31 January 20.4?

• 102 261.42

• 436 042.19

• 6 986.25

• 303 680.00

What is the total c/f for the Cashbook Payments Journal as at 31 January20.4?

• 102 261.42

• 436 042.19

• 6 986.25

• 304 680.00

Payments made in the Cashbook Payment, not reflected in the Bank Statement are generally .......

• Outstanding Deposits recorded in the Bank Reconciliation Statement

• Corrected in the General Journal

• Outstanding Cheques recorded in the Bank Reconciliation Statement

• Incorrect cheques or payments made

Deposits reflected in the Cashbook Receipts Journal not appearing in the Bank Statement are generally .........

• Corrected in the General Journal

• Outstanding Cheques recorded in the Bank Reconciliation Statement

• Lost in transit

• Outstanding Deposits recorded in the Bank Reconciliation Statement

The reconciling item Outstanding Deposit DS86, RR11 669.86, recorded in the December 20.3 Bank Reconciliation Statement is a reconciling item because.....

• Deposit DS86 was not correctly recorded in the Cashbook Receipts Journal

• Deposit DS86 was made close to month-end and was not reflected in December 20.3 bank statement, therefore a timing difference

• Deposit DS86 was never made

• Deposit DS86 was incorrectly recorded in the Cashbook Payments Journal

To correct the EFT CS4494, the correction processed should be

• Record an additional receipt of R200 in the Cashbook Receipts Journal

• Record and adjustment of R200 in the Bank Reconciliation Statement as an outstanding payment

• Record a R200 debit entry into the Bank general ledger account

• Record an additional payment of R200 in the Cashbook Payments Journal

The correction required for deposit DS90 is as follows:

• Record the R300 correction in the Cashbook Payments Journal

• Record the R300 correction in the Cashbook Receipts Journal

• Record the R300 as an outstanding deposit in the Bank Reconciliation Statement

• Record the R300 as a credit entry in the General Ledger bank account

Direct deposits identified in the Bank Statement indicate ......

• A direct deposit made by a debtor, which has not been recorded in the Cashbook Payments Journal

• A direct deposit made by a creditor, which has not been recorded in the Cashbook Payments Journal

• A direct deposit made by a debtor, which has not been recorded in the Cashbook Receipts Journal

• A direct deposit made by a creditor, which has not been recorded in the Cashbook Receipts Journal

Which is not an identified outstanding entry reflected on the Bank Statement that requires correction by recording in the Cashbook Receipts Journal?

• Transaction Fees,

  R1 042.29

• Direct Deposit - K Elliot R13 374.32

• Interest on credit balance R3 044.17

• Direct Deposit - TYR Pty Ltd R26 673.96