Question Steinert Company has the following items at year-end: Cash in bank £52,500 Petty cash 850 Commercial paper with maturity of 2 months 7,200 Postdated checks 3,100 What amount Steinert should report as cash and cash equivalents?

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A: Solution:

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Q: correct cash balance at the end of the month

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A:

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A: 1.

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A: The question is based on the concept of Bank reconciliation statement.

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.