The cash book shows a bank balance of $45,376 overdrawn at 31 August 2014. It is subsequently discovered that a standing order for $2,620 has been entered twice, and that a dishonoured cheque for $330 has been debited in the cash book instead of credited.
What is the correct bank balance?
SUGGESTED SOLUTIONS
Bank Account
| $ | $ | ||
| Standing Order | 2,620 | Opening balance OD | 45,376 |
| Dishonoured cheque | 660 | ||
| Closing Balance | 43,416 |