₦ Balance as per cash book 5467 Uncredited cheques 4410 Unpresented cheques 19404 The balance as per bank statement is

Assessment: JAMB UTME - Principles of Accounts - 2023 Subject: Financial Accounting

Question 1 Report

₦
Balance as per cash book 5467
Uncredited cheques 4410
Unpresented cheques 19404

The balance as per bank statement is

Answer Details
The balance as per bank statement is calculated by adding the balance as per cash book and the unpresented cheques then subtracting the uncredited cheques. Therefore, the balance as per bank statement is ₦5467 + ₦19404 - ₦4410 = ₦20,461. Unpresented cheques are cheques that have been issued by a company but have not yet cleared through the bank. Uncredited cheques are cheques that have been received by a company but have not yet cleared through the bank.
Read lesson note on Cashbook (JAMB)
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