Which three of the following situations are likely to result in a suspense account being used to record a transaction?

As at 31 December 20X1 the transaction report downloaded from a company's electronic banking system shows an overdraft of £1,500. The transaction report includes bank charges of £30 which have not yet been recorded in the company's cash at bank account. On 29 December 20X1 the company had paid a cheque of £500 to a supplier and received £200 from a credit customer; neither of these items appear in the bank statement.

The overdraft on the bank balance in the company's statement of financial position at 31 December 20X1 should be:

The owner's drawings are shown on the initial trial balance

The closing inventory balance is included in the final trial balance

When performing a reconciliation between the electronic banking system and the cash at bank account, which two of the following would require an entry in the cash at bank account?

Epsilon's cash at bank account at 31 December 20X3 shows a balance of £565 overdrawn. On comparing this with the transaction report downloaded from the electronic banking system, the accountant discovers the following:

1. A cheque for £57 drawn by Epsilon on 29 December 20x3 has not yet been presented for payment
2. A cheque for £92 from a customer, which was paid into the bank on 24 December 20X3, has been dishonoured on 31 December 20X3.

The correct balance in Epsilon's cash at bank account as at 31 December 20X3 is:

Smyths's draft profit for the year is £324,700. After the draft profit was calculated, the following issues were discovered.

Debts of £6,800 should have been written off as irrecoverable at the year end, but the journal entry was not posted.

The accounting system had automatically calculated and recorded depreciation, but the standing data was found to be incorrect. The depreciation rate for cars should have been updated to 20% straight-line at the start of the year, but was left as 25% straight-line in error. The balance on the car cost account at the year end was £24,000. There were no additions or disposals of cars in the year.

What is Smyths's corrected profit for the year after accounting for the above issues?

The following information relates to a bank reconciliation. The balance in the cash at bank account before taking the items below into account was £8,970 overdrawn.

1. Bank charges of £550 on the bank statement have not been entered in the cash at bank account
2. The bank has credited the account in error with £425 which belongs to another customer
3. Cheque payments totalling £3,275 have been entered in the cash at bank account but have not been presented for payment
4. Cheques totalling £5,380 have been correctly entered on the debit side of the cash at bank account but have not been paid in at the bank.

What was the overdrawn balance as shown by the bank statement?

A company's initial trial balance includes a balance of £25,000 in a suspense account. On reviewing the exception report, the bookkeeper identified the amount as a purchase of machinery for £25,000. The amount had been correctly recorded in cash at bank but the other side of the transaction had not been matched by the accounting system.

Which of the following journal entries would remove the suspense account and correctly record the purchase of machinery?

Which two of the following statements about bank reconciliations are correct