incomplete records

System

Hi there. I am working on cash account in unit 5. There is a question I am stuck on. If you guys can help me?

Cash banked from debtors during the year was 153,250 pounds.
Cheques paid to suppliers where 126,250 pounds
Expense paid through the bank where 52,750 pounds
Opening bank balance was 476 pounds
Closing bank balance was 709 pounds

What cash was banked during the period?

System

Re:incomplete records

What exactly are you trying to do? I have interpreted it as trying to calculate the amount of cash received from sources other than debtors.

I would start by drawing up a T account for cash. Remembering that cash is an asset, so debit increases and credit decreases.

This forum can't quite cope with T accounts, so this is the best I can manage

.............................Cash
Opening Balance....476 | Suppliers 126250
Debtors...............153250|Other Expenses 52750
Other receipts.........????| Closing balance 709
..............................179709|...............179709

So then you add up the columns, and the 'other receipts figure' is what you need to make both sides equal. In this case, £25963.

Hope that made sense.

System

Re:incomplete records

I think its 179233 for total cash bannked.

The cash receipts from debtors is 153,250

The missing figure in the bank account
is cash banked 25,983


Total banked 179,233

System

Re:incomplete records

The missing figure is as Roy says, £25,983.

Regards,

Robert