Camp Company showed a cash balance per ledger of 1,652,000 on December 31.  The bank statement, however, showed a balance of 2,090,000 at the same date.  The only reconciling items consisted of a bank service charge of 2,000, a large number of outstanding checks totaling 590,000 and a deposit in transit.  What is the deposit in transit on December 31?

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.