The books of ABC Corp disclosed a cash balance of P687,000 at Dec 31. Additional information showed the following: a. An NSF check for Dec was for P4,000. b. Bank credit memo for Dec was P3,500 c. Deposit in transit, P5,000 d. Outstanding checks, P3,400 e. Undeposited collections P10,000 How much is the correct cash balance at Dec 31?     686,500 687,000 698,600 679,500

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.