JAMB Accounting 2011 Objective — Question 12

Question 12 of 49 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2011 Objective paper, with the correct answer and a full explanation.

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the

A. A. balance as per bank statementCorrect
B. B. bank balance as per adjusted cash book
C. C. aggregate balance as per cash book
D. D. bank balance as per cash book

Explanation

Interest charged for overdrawn balances has already been deducted in the cash book but not yet reflected in the bank statement; to reconcile, it is added to the balance as per bank statement.

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