Bank & Creditors Reconciliation is one of 9 topics in the Grade 11 Accounting CAPS syllabus, covered across 3 lessons on Study Vault. Below are real practice questions from this topic with full worked answers.
Sample practice questions
Easy
1. A Bank Reconciliation Statement explains the difference between:
The balance per the bank statement and the balance per the business's bank account (cash book)
Total assets and total liabilities
Sales and cost of sales
Debtors and creditors
Answer: The balance per the bank statement and the balance per the business's bank account (cash book) — The Bank Reconciliation Statement reconciles the bank statement balance with the business's own cash book (journal) balance, explaining any timing differences between them.
Easy
2. A debit order for insurance appears on the bank statement but has not yet been recorded by the business. What must happen first?
It must be entered in the Cash Payments Journal to update the bank account balance
It is simply ignored, since it will appear again next month
It must be added directly to the Bank Reconciliation Statement without journalising it
It must be reversed on the bank statement
Answer: It must be entered in the Cash Payments Journal to update the bank account balance — Entries on the bank statement not yet in the journals must first be journalised (in the CRJ or CPJ) to update the business's own cash book balance, before the reconciliation statement is drawn up.
Medium
3. A business's Cash Payments Journal reflects a bank balance of R15 400 before any adjustments. The bank statement shows bank charges of R185 and a debit order of R620, neither yet recorded, plus interest received of R95, not yet recorded. Calculate the updated bank account balance after journalising these items, in rand.
