Question
When reconciling the ledger with the bank statement assuming a positive bank balance a returned dishonored...
when reconciling the ledger with the bank statement assuming a positive bank balance a returned dishonored Chequers should be
Q.024 When reconciling the ledger with the bank statement (assuming a positive bank balance) a returned (dishonoured) cheque should be: Select one: a. Added to the bank statement balance in the reconciliation b. Subtracted from the general ledger bank balance c. Subtracted from the bank statement balance d. Added to the general ledger bank balance
Answers
Dishonored Cheques should be substracted from the general ledger bank balance.
Explanation:
Dishonoured cheques are cheques received from customer and banked but then returned unpaid (“dishonoured”). Dishonoured cheques should not be recorded in the Bank Statement because the bank only credits their customer's account when they actually receive cash.
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