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When balance as per Cash Book is the starting point, uncollected cheques are:
- a)Added in the bank reconciliation statement
- b)Subtracted in the bank reconciliation statement
- c)Not required to be adjusted in the bank reconciliation statement
- d)Neither of the above.
Correct answer is option 'B'. Can you explain this answer?
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When balance as per Cash Book is the starting point, uncollected chequ...
- Bank Reconciliation Statement: It reconciles the balance as per the Cash Book with the balance as per the Bank Statement.
- Uncollected Cheques: These are cheques that have been recorded in the Cash Book but not yet cleared by the bank.
- Effect on Reconciliation:
- Since these cheques are recorded in the Cash Book but not yet reflected in the Bank Statement, the balance as per the Cash Book is higher.
- Therefore, to reconcile, subtract uncollected cheques from the Cash Book balance.
- Correct Answer: B. Subtracted in the bank reconciliation statement.
- Uncollected Cheques: These are cheques that have been recorded in the Cash Book but not yet cleared by the bank.
- Effect on Reconciliation:
- Since these cheques are recorded in the Cash Book but not yet reflected in the Bank Statement, the balance as per the Cash Book is higher.
- Therefore, to reconcile, subtract uncollected cheques from the Cash Book balance.
- Correct Answer: B. Subtracted in the bank reconciliation statement.
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When balance as per Cash Book is the starting point, uncollected chequ...
Explanation:
Unrecorded cheques are cheques that have been issued by the company but have not yet been presented to the bank for payment. When the balance as per the Cash Book is the starting point in a bank reconciliation statement, uncollected cheques need to be taken into account.
Subtracted in the bank reconciliation statement:
- Since uncollected cheques represent funds that have been deducted from the company's account but have not yet been cleared by the bank, they need to be subtracted from the balance as per the Cash Book.
- By subtracting the amount of uncollected cheques in the bank reconciliation statement, the adjusted balance will reflect the true amount of funds available in the company's bank account.
Therefore, when balance as per Cash Book is the starting point, uncollected cheques are subtracted in the bank reconciliation statement to ensure that the adjusted balance accurately reflects the company's financial position.
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When balance as per Cash Book is the starting point, uncollected cheques are:a)Added in the bank reconciliation statementb)Subtracted in the bank reconciliation statementc)Not required to be adjusted in the bank reconciliation statementd)Neither of the above.Correct answer is option 'B'. Can you explain this answer?
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