ASSIGNMENT ON ACC 416-PUBLIC SECTOR ACCOUNTING 2

ASSIGNMENT 1

Public Sector Accounting is different from Private Sector Accounting. Discuss

ASSIGNMENT 2

 (a)  The Cash Book of Bamishaye Local Government showed a debit balance of N502,000  as at 30/9/2018.
However, the bank account statement showed a credit balance of N505, 000. On  investigation, the following were discovered:
(i)                Cheque Numbers 51522 and 32552 for N2, 000 and N3,000 respectively, have not been presented for payment.

         (ii) Interest on investment of N1, 000 has not been posted into the Cash Book.

 (iii) A sum of N2, 000 paid into the bank was credited only after the bank statement was   issued.
 (iv) Bank charges of N1, 000 have not been recorded in the Treasury Cash Book.
You are required to prepare a Bank Reconciliation Statement for the Local Government.
(b)  List five items that caused discrepancy between cashbook and bank
      statement.

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