Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 43 - No. 13)
What is a 'deposit in transit' on a bank reconciliation?
A deposit that has been processed by the bank.
A deposit recorded by the bank but not the company.
A deposit recorded by the company but not yet by the bank.
A deposit that the company did not make.
Explanation
A deposit in transit has been recorded in the company's books but has not yet been processed and recorded by the bank.
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