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From the following particular prepaid the bank reconciliation statement of Businessman has on 31st March 204 bank overdraft as per cash book 24000 check deposted as statement but not recurring cash book 4000 cash received from XC was entered in bank column of cash book 3150?
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From the following particular prepaid the bank reconciliation statemen...
Bank Reconciliation Statement Overview
A bank reconciliation statement is essential for comparing the cash book with the bank statement to identify discrepancies. In this case, the businessman has a bank overdraft situation that requires careful analysis.
Key Figures
- Bank Overdraft as per Cash Book: 24,000
- Check Deposited but Not Recorded in Cash Book: 4,000
- Cash Received from XC Entered in Bank Column: 3,150
Adjustments Required
To reconcile the cash book with the bank statement, we need to adjust for the discrepancies:
  • Bank Overdraft from Cash Book: 24,000
  • Add: Checks Deposited but Not Recorded:
    • Check amount of 4,000 needs to be added since it is not reflected in the cash book.

  • Subtract: Cash Received from XC:
    • 3,150 was incorrectly recorded in the bank column of the cash book, thus needs to be deducted.


Calculation of Adjusted Overdraft
To determine the adjusted bank overdraft:
  • Starting Overdraft: 24,000
  • Add: 4,000 (check deposited) = 28,000
  • Subtract: 3,150 (cash received) = 24,850

Conclusion
After making the necessary adjustments, the adjusted bank overdraft is 24,850. This reconciliation process ensures that the cash book accurately reflects the business's financial position, helping to maintain effective financial management.
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From the following particular prepaid the bank reconciliation statement of Businessman has on 31st March 204 bank overdraft as per cash book 24000 check deposted as statement but not recurring cash book 4000 cash received from XC was entered in bank column of cash book 3150?
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