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A deposit in transit on last period’s bank reconciliation is shown as a deposit on the bank statement this period
A deposit in transit on last period’s bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period’s reconciliation, the amount of this deposit should be:
-
- Added to the book balance of cash
- Deducted from the book balance of cash
- Added to the bank balance of cash
- Deducted from the bank balance of cash
- Not included as a reconciling item
Expert Solution
Answer:
e . Not included as a reconciling item
Step-by-Step explanation
Option E
The deposit under transit in the last period must be reflected in the bank a/c after the transaction has been completed successfully. Thus, the disclosure of such amount in bank books make the record perfectly complete and doesn't require any disclosure in current year's BRS.
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