Determine the Reconciled Bank Balance Given the Following

question 94

Short Answer

Determine the reconciled bank balance given the following:
The balance per bank statement is $108
The balance per general ledger is $105
There is a credit memo for a note collected, $408
There is a credit memo for interest earned, $25
There is a debit memo for a customer's NSF cheque $350
Deposits in transit, $850
Outstanding cheques amount to $845
This month's service charge amounts to $50
There is a debit memo for cheque printing fees, $25

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Definitions:

AASB 2

An accounting standard governing the recognition, measurement, and disclosure of share-based payments.

Remuneration Expense

The total cost incurred by a business to compensate its employees, including wages, benefits, and bonuses.

Exercise Price

The price at which the holder of an options contract may buy or sell the underlying security.

Share Options

Financial derivatives that give the holder the right, but not the obligation, to buy or sell shares at a set price within a specified period.