Bank Statement Reconciliation
A Grade 10 math worksheet focusing on reconciling bank statements, including understanding transactions, identifying discrepancies, and adjusting balances.
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Bank Statement Reconciliation
Name:
Date:
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Read each question carefully and provide your answer in the space provided. Show all your work for calculations.
1. Which of the following items would cause the bank balance to be higher than the cash book balance?
Unpresented cheques
Bank charges
Direct debits
Interest received
2. What is the purpose of reconciling a bank statement?
To track daily expenses
To identify errors and discrepancies between the bank and cash book records
To calculate income tax
To apply for a loan
1. A deposit that has been recorded in the cash book but not yet by the bank is called a(n) .
2. Bank service charges will the cash book balance.
3. An error made by the bank, such as crediting another customer's deposit to your account, is typically corrected by the .
1. Explain two common reasons why a bank statement balance might differ from the cash book balance.
2. Describe the steps involved in preparing a bank reconciliation statement.
Problem: Reconcile the following bank statement and cash book for ABC Company as of March 31, 2024.
Cash Book (Bank Column) Balance: $5,400
Bank Statement Balance: $5,850
Additional Information:
Prepare the updated cash book balance and the bank reconciliation statement.
1. Outstanding deposits increase the bank statement balance.
True
False
2. A company's cash book balance should always be identical to its bank statement balance.
True
False