Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 47 - No. 30)
How are deposits in transit handled on a bank reconciliation?
They are added to the company's book balance.
They are subtracted from the company's book balance.
They are added to the bank statement balance.
They are subtracted from the bank statement balance.
Explanation
Deposits in transit have not yet been recorded by the bank.
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