Answer | ||
A. Bank reconciliation statement- | ||
Particulars | Amount ($) | Amount ($) |
Balance as per bank statement | 15,700 | |
Additions: | ||
Deposits in transit | 957 | |
Subtotals | 16,657 | |
Deductions: | ||
Outstanding checks (124+55+1560) | 1,739 | |
Total deductions | -1,739 | |
Adjusted bank balance | 14,918 | |
Balance as per books | 15,262 | |
Additions | 0 | |
Subtotals | 15,262 | |
Deductions: | ||
NSF check no. recorded | 332 | |
Service charges not recorded | 12 | |
Total deductions | -344 | |
Adjusted book balance | 14,918 |
B. Journal entries- | |||
S.No. | Accounts titles and Explanation | Debit ($) | Credit ($) |
1 | Accounts receivable | 332 | |
Cash | 332 | ||
(To record the returned check) | |||
2 | No entry for outstanding check | ||
3 | Service charges expense | 12 | |
Cash | 12 | ||
(To record bank service charge) | |||
4 | No entry for deposit in transit |
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