Lets see how you get on with this simple scenario:· Where there is an opening debit bank balance of £2,290 and the totals recorded in the cash book for the year ended 30 June 20X1 were:
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Receipts
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£259,298
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Payments
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£262,698
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Assuming there were no year-end adjustments, what will be the opening balance in the cash book as at 1 July 20X1? £_________ debit / credit
I’m sure you would have got this correct and known that it will be £1,110 credit since the cash book balance will now be overdrawn, so it will have a credit balance.
Yours Sincerely,
The Friendly Team
The Training Place of Excellence Limited
The Training Place of Excellence Limited