G. From the following particulars, you are required to find out the errors in cash book and bank statement by preparing Bank Reconciliation Statement as on March 31, 2021, ABC Corporation. (i) Bank balance overdraft as per cash book (ii) Check recorded for collection but not sent to the bank (iii) Credit side of the cash book cast short (iv) Premium on proprietor's Life Insurance Policy (LIP) paid on standing order. (v) Bank Charges recorded twice in the cash book. (vi) Customer's check returned by the bank as dishonored (vii) Bill Receivable collected by the bank directly on the behalf of company (viii) Check received entered twice in the cash book (ix) Check issued but dishonored on technical grounds (x) A checks deposited into the bank of worth P 45,000 but check was not collected by bank 80,000 10,000 1,000 ..5,000 100 4,000 .20,000 ....6,000 ..3,000 P 8,000

G. From the following particulars, you are required to find out the errors in cash book and bank statement by preparing Bank Reconciliation Statement as on March 31, 2021, ABC Corporation. (i) Bank balance overdraft as per cash book (ii) Check recorded for collection but not sent to the bank (iii) Credit side of the cash book cast short (iv) Premium on proprietor's Life Insurance Policy (LIP) paid on standing order. (v) Bank Charges recorded twice in the cash book. (vi) Customer's check returned by the bank as dishonored (vii) Bill Receivable collected by the bank directly on the behalf of company (viii) Check received entered twice in the cash book (ix) Check issued but dishonored on technical grounds (x) A checks deposited into the bank of worth P 45,000 but check was not collected by bank 80,000 10,000 1,000 ..5,000 100 4,000 .20,000 ....6,000 ..3,000 P 8,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A check written by the company for $272 is incorrectly recorded by a company as $227. On the bank reconciliation, the $45 error should be added to the balance per bank. added to the balance per books. deducted from the balance per bank. deducted from the balance per books. O O O O
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: Multiple Choice Add the deposit to the bank statement balance. Skip the bank reconciliation this month. Add the deposit to the book balance of cash. Deduct the deposit from the bank statement balance. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.
TSLA Co. found that the receipt of a check from a customer was properly recorded in th accounting records for $7,426 but improperly credited by the bank in the amount of $4,726. When preparing that month's bank reconciliation, the company should: Add $2,700 to the bank statement balance of cash. Add $2,700 to the book balance of cash. educt $2,700 from the book balance of cash O Deduct $2,700 from the bank statement balance of cash.
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Crane Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Turrin handles all cash receipts, keeps the accounting records, and prepares the monthly bank reconciliations. The balance per the bank statement on October 31, 2022, was $18,890.00. Outstanding checks were No. 62 for $149.00, No. 183 for $171.00, No. 284 for $262.00, No. 862 for $222.00, No. 863 for $277.00, and No. 864 for $202.00. Included with the statement was a credit memorandum of $209.00 indicating the collection of a note receivable for Crane Company by the bank on October 25. This memorandum has not been recorded by Crane. The company's ledger showed one Cash account with a balance of $22,311.00. The balance included undeposited cash on hand. Because of the lack of internal controls, Bret took for personal…
Please help me do question 2c
From the following particulars of Trident boutique, prepare a bank reconciliation statement as on 31st March, 2018. a) Debit balance as per cash book of 10,500 b) Cheque deposited into bank amounting to 5,500 credited by bank, but entered twice in the cash book c) Cheques issued and presented for payment amounting to 7,000 omitted in the cash book d) Cheque book charges debited by the bank 200 not recorded in the cash book. e) Cash of 1,000 deposited by a customer of the business in cash deposit machine not recorded in the cash book.
Coasters Co. issued a note receivable to a customer. The customer made payment directly to the Coaster’s bank. The payment appeared on the month-end bank statement. How would this payment be adjusted in the bank reconciliation? Add to company records (book side) Subtract from company records (book side) Subtract from bank statement (bank side) Add to bank statement (bank side)
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The following information has been extracted from the accounting records a bank statement of ABCJM Ltd as at 31 January 2019: Closing Balance shown on the Bank Statement Cash Receipts of 31 January which deposited on 30 January did not appear on the bank statement Cheques recorded in the cash payments but not yet presented For payment to the Bank Prepare a bank reconciliation statement as at 31 January. $11 450 CR 5,500 3 550
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