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 totalling ₦94,000; deposits in transit of ₦38,000; bank charges of ₦15,000 not yet recorded in the cash book; and a direct credit from a customer of ₦24,000 not yet recorded in the cash book. What is the adjusted (true) cash book balance?

The adjusted cash book balance starts with the cash book balance of ₦485,000, then adds the direct credit of ₦24,000 and deducts bank charges of ₦15,000, giving ₦485,000 + ₦24,000 − ₦15,000 = ₦494,000. Unpresented cheques and deposits in transit are timing differences that adjust the bank statement balance, not the cash book balance. The adjusted bank statement balance is ₦612,000 − ₦94,000 + ₦38,000 − ₦62,000 = ₦494,000, confirming the reconciliation.