Bank Reconciliation and Control Accounts
ICAN Financial Accounting

QUESTION 1 Oluwaseun Trading Company Limited, a Lagos-based wholesale distributor of fast-moving consumer goods, maintains a cash book and a current account with First Zenith Bank Plc. The company's …

QUESTION 2 Kaduna Manufacturers Plc is a medium-sized manufacturing company listed on the Nigerian Exchange Group (NGX). The company's financial controller, Mrs. Okonkwo, is preparing the year-end ac…

QUESTION 3 Mr. Emeka Obi is the sole proprietor of Obi Supermart, a retail business located in Enugu. He has just employed a new bookkeeper, Miss Chidinma, who has little experience with bank reconci…

Madam Chioma's payables ledger control account shows a closing credit balance of ₦2,385,000. A reconciliation with the list of individual supplier balances reveals the following differences: (i) A pur…

Alhaji Bello's cash book shows a debit balance of ₦485,000 at 31 March 2024. The bank statement for the same date shows a credit balance of ₦612,000. Investigations reveal: unpresented cheques totalli…

In preparing the receivables ledger control account for Sunrise Manufacturing Plc for the quarter ended 30 September 2023, the accountant discovered that the total of the sales day book for August 202…

Fidelity Bank's statement sent to Kola Enterprises shows a balance of ₦930,000 (credit) at 30 June 2024. The following are noted: a cheque for ₦67,000 drawn by Kola Enterprises was incorrectly debited…

During a review of Zenith Trading Limited's receivables ledger control account for the year ended 31 December 2023, the following information was extracted: Opening balance ₦1,240,000; Credit sales ₦8…

Which of the following items would appear as a RECONCILING item adjusting the BANK STATEMENT balance (and NOT the cash book balance) in a bank reconciliation statement prepared under standard Nigerian…