Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 6 - No. 1)
If the bank statement shows a balance of $5,000, and the cash book balance is $4,500, what is the best action?
a) Correct the difference in the bank statement.
b) Correct the difference in the cash book.
c) Reconcile the balances and find the reason for the difference.
d) Ignore it, as this does not matter.
Explanation
Reconcile the balances and find the reason for the difference.
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