Question

Question Help Bank for the month of March E9-17 (similar to) The following information is from the books of Solar Company for the month of March Astro Soler received the following bank statement from YRTS Click the icon to view the bankstament) Read the moment The balance in Sou's h unt on March 31314540 Astro Solar Company Bacon March 31 Requirement Balance March Prepare a concor Astra by deg the combines for both bockandbank Record wil jou antros de correct Astro 's And Dono la WERTYUIOP

Answer 1

Solution

Astro Solar

Bank Reconciliation Statement

Astro Solar
Bank Reconciliation Statement
As on March 31
Balance as per bank		$392,520
add: deposits in transit	$14,700
		$407,220
Deduct: outstanding checks
Check No.
1135	$27,100
1139	$65,300	($92,400)
Adjusted balance as per bank		$314,820
Balance as per books		$314,540
add: interest collected by bank	$300
		$314,840
Deduct: bank charges	$20
Adjusted balance as per books		$314,820

Note:

1. The cash account as per books indicates checks 1135 and 1139 but the same are not found on the bank statement. Hence, the checks 1135 and 1139 are outstanding.
2. Also, the cash receipts in cash account indicates an amount of $14,700 received on March 30. The same amount was missing on bank statement. Hence, deposit in transit is $14,700.
3. The bank statement shows interest collected as $300, which is not reflected in cash receipts section of books. Hence, interest earned is added to cash balance as per books.
4. The bank charges are not deducted in the cash book, hence, $20 is deducted from cash balance as per books.
5. The above adjustments, make the adjusted balance of both bank and books equal at $314,820.