The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May 2021. On this date the balance of cash per book is RM34,496.90. A comparison of the bank statement with the general ledger cash account, No. 101 reveals the following: a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was received by bank on 1 June 2021. b) Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375: RM2,367. c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550. d) There are a few bank memoranda received: Debit memo – for the NSF check received from Chengal Jaya Enterprise for RM1,052.60. Credit memo – collection of note receivable for RM2,020 plus interest earned RM50. Credit memo – bank interest RM78. Debit memo – service charge RM70. e) The rental expenses for the premises were made monthly for RM1,000 via electronic transfer. f) The 31 May 2021 cash receipts, RM2,750 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the 31 May 2021 bank statement. g) A customer's note for RM1,800 was collected by the bank. A collection fee of RM50 was deducted by the bank and the difference was deposited in the account. REQUIRED: Prepare a bank reconciliation statement for Meranti Development Bhd as of 31 May 2021.
The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May 2021. On this date the balance of
a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was received by bank on 1 June 2021.
b) Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375: RM2,367.
c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550.
d) There are a few bank memoranda received:
- Debit memo – for the NSF check received from Chengal Jaya Enterprise for RM1,052.60.
- Credit memo – collection of note receivable for RM2,020 plus interest earned RM50.
- Credit memo – bank interest RM78.
- Debit memo – service charge RM70.
e) The rental expenses for the premises were made monthly for RM1,000 via electronic transfer.
f) The 31 May 2021 cash receipts, RM2,750 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the 31 May 2021 bank statement.
g) A customer's note for RM1,800 was collected by the bank. A collection fee of RM50 was deducted by the bank and the difference was deposited in the account.
REQUIRED:
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