Hanan Al Balushi (LLC) is an organization manufacturing machine component and supplying to retailers across Oman. Mr. Hussein, the CEO, when reviewing the financial statements of the company as a part of the internal control system, realized that the bank balance in the cashbook is not tallying with the balance in the bank statement. Mr. Hussein requested Mr. Hamed, the financial accountant of the company to identify the reasons for the differences.
Mr. Hamed has requested his team members to investigate the reasons for the differences. The following is a summary of a cash book as presented by Hanan AL Balushi (LLC) finance team for the month of October.