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JAMB Principles of Accounts 1994 Question 14

Question 14

Banking and Bank Reconciliation

When preparing a bank reconciliation statement, which of the following is deducted from the balance per bank statement?

  1. A.Bank charges
  2. B.Uncleared cheques
  3. C.Returned cheques
  4. D.Unpresented cheques.
Show the answer and explanation

Answer: D (Unpresented cheques.)

Explanation

Unpresented cheques have been paid out in the cash book but not yet by the bank, so they are deducted from the bank statement balance.