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Patrick Potter, owner of BBD Bikes, wants a bank reconciliation statement prepared for the month ended 31 January 2018. Balance in the Cash at Bank account in the ledger of BBD Bikes was $27,830.70 DR. Balance shown by the bank statement at 31 January 2018, was $30,323.70CR. A comparison of the two sets of records disclosed that the following items needed reconciling:
Two items appearing on the bank statement had not been entered into the business' ledger:
Cheques recorded in the cash payments journal but not presented to the bank for payment amounted to $2,850.70.
A deposit of $800 appears as a deposit in the cash receipts journal but had not been recorded by the bank at the date of the statement.
Required:
Question 1: Prepare a bank reconciliation statement as at 31 January 2018.
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