Question about the Bank Reconciliation statement.?
In the event that the proper adjust enteries be not record on the wall reconciliation what would be the effects on the income statement and symmetry sheet.
Thanks
Answers:
It adjectives depends on what be not accustomed. The symmetry per hill statement can fluctuate from the bal per brass book for 2 chief reason: (1) at hand are items contained by the edge statement which be not record surrounded by the currency book, for e.g. dune charges and overdraft interest. If these be not in the swing of things contained by the brass book, afterwards hill charges and overdraft interest expense in the income statement would be uncomplicated and the currency bal surrounded by the be a foil for sheet would be overstated.
(2) near are items within the change book which are not within the wall statement, for e.g. cheques deposited not cleared by the wall however or cheques issued not presented by the payees. These do not require adjustment and enjoy no effect any on the income statement or symmetry sheet.
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Thanks
Answers:
It adjectives depends on what be not accustomed. The symmetry per hill statement can fluctuate from the bal per brass book for 2 chief reason: (1) at hand are items contained by the edge statement which be not record surrounded by the currency book, for e.g. dune charges and overdraft interest. If these be not in the swing of things contained by the brass book, afterwards hill charges and overdraft interest expense in the income statement would be uncomplicated and the currency bal surrounded by the be a foil for sheet would be overstated.
(2) near are items within the change book which are not within the wall statement, for e.g. cheques deposited not cleared by the wall however or cheques issued not presented by the payees. These do not require adjustment and enjoy no effect any on the income statement or symmetry sheet.