In this video, we solve a critical O Level Accounting past paper question from 7707 Paper 21 May/June 2024 - Q2 (b) Cash Book Corrected Balance. You’ll learn how to calculate the corrected bank balance for Paul’s business as of 31 March 2024, following the discovery of five errors in his accounting records, including incorrect entries for cash discount received, carriage inwards, and insurance payments. We’ll also adjust for an undercast bank receipts column, starting from an initial cash at bank balance of $3290.
This video is part of our accounting lecture series tailored for students preparing for IGCSE O Level, CIE A Levels, and Cambridge O Level accounting exams. With clear explanations, whether in English or accounting in Urdu, this solution will boost your understanding of cash book questions O Level and help you prepare for accounting guess paper 2024. We cover essential accounting notes, past papers, and step-by-step solutions to tackle corrected bank balance questions effectively.
Question Statement:
Paul discovered five errors in his financial records after preparing his draft financial statements for the year ended 31 March 2024.
Original cash at bank balance per draft financial statements: $3290.
A purchase invoice, $140, had been debited to the account for office equipment.
Cash discount received, $18, had been recorded in the bank payments column of the cash book.
Carriage inwards, $82, had been credited to the carriage outwards account.
A payment for insurance, $375, had been debited to the bank account and credited to the insurance account.
The bank receipts column of the cash book for February 2024 had been undercast by $90.
Required: (b) Calculate the corrected bank balance at 31 March 2024.
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