simulation unit 3 please help!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi

I have already failed my unit 3 simaltion once and i have managed to get hold of a simulation practice paper

on the bank statement there is a b/f balance of 8,538.52, on the cashbook there is an opening balance of 7,459.22

is this a deliberate mistake? am i to note the difference when reconcilling? or am I to ignore the opening balance and just be looking at the closing balance of the statement??

Sorry if i am not making any sense!!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    I would imagine that there is a question somewhere regarding a bank reconciliation. I guess there are unpresented cheques and outstanding lodgements.

    Is that the case?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    i think there are, its just i get confused with the opening balance and the closing balance part

    do i ignore the opening balance say 1 feb and use the closing (28/2) when trying to reconcille with the cashbook?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    Hi, where did you get the unit 3 Simulation from I would like to get a copy also. Can you kindly email me on cmartin@metallex.co.uk

    Big Thanks xx
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    Hi, you just need to deal with the final balance at end of statement. Opening balance will have been reconcilled with the cash book the previous month. If you are using Osbourne books check out page 390 in the Tutorial. #5 "start the bank reconciliation statement with the final balance figure shown on the bank statement."
    Balance of bank statement £
    Less unpresented cheques £
    Add outstanding lodgements £
    Should equal balance of cash book £

    Hope this helps, Gemma
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    Sorry, was probably a bit late for that to help. :oops:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:simulation unit 3 please help!

    Hi Gem-Lou

    It isnt too late! thanks for your help! :-)

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