Question

Question 2 Rinta Lad's accountant is preparing the bank reconciliation at 31 December 2018. The book balance was same as bank balance for 30 November The December bank statement showed the following checks and deposits Checks Date Number 12-4 3475 12-8 3476 12-10 3477 12-15 3479 12-27 3480 12-30 3482 12-29 3483 12-31 3485 Total Bank Statement Deposits Amount Date $1,640.70 12-1 1,300.00 12-4 2,130.00 12-8 3,080.00 12-16 600.00 12-21 475.50 12-26 1,140.00 12-29 540.80 12-30 $10,907.00 Total Amount $2,530.20 1,211.60 2,365.10 2,672.70 2,945.00 2,567.30 2,836.00 1,025.00 $18,152.90 The cash records per books for December showed the followings Date 12-1 12-2 12-2 12-4 12-8 12-10 12-17 Number 3475 3476 3477 3478 3479 3480 3481 Cash Payments Journal Amount Date $1,640.70 12-20 1,300.00 12-22 2,130.00 12-23 621.30 12-24 3,080.00 12-30 600.00 12-30 807.40 12-31 Number 3482 3483 3484 3485 3486 3487 3488 Total Amount 475.50 1,140.00 798.00 450.80 1,889.50 720.10 1,050.00 $16.703.30

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Part a
Bank Reconcilliation
Bank
Balance as per bank, Dec 31			$   20,154.30
Add: Deposit in transit			$      1,190.40
Sub total			$   21,344.70
Less: Outstanding checks
	Check No.	Amount
	3478	$       621.30
	3481	$       807.40
	3484	$       798.00
	3486	$   1,889.50
	3487	$       720.10
	3488	$   1,050.00
			$   (5,886.30)
Adjusted Bank Balance, Nov 30			$   15,458.40
Books
Balance as per books, Dec 31			$   12,485.20
Add:
Collection of Note and interest (net of charges)			$      3,645.00
Subtotal			$   16,130.20
Less:
Book Error (12-21 Dates in Bank)	$2,945-$2,954	$            9.00
Book Error Cheque No 3485	$540.80-$450.80	$         90.00
NSF Check		$       572.80
			$       (671.80)
Adjusted Book balance, Nov 30			$   15,458.40
Part b
Account	Debit	Credit
Cash	$                  3,645.00
Collection Charges	$                        15.00
Note Receivable		$   3,500.00
Interest Revenue		$       160.00
(To record collection of note and interest)
Accounts Receivable	$                          9.00
Cash		$            9.00
(To correct error in check received)
Accounts Payable	$                        90.00
Cash		$         90.00
(To correct error in check issued)
Accounts Receivable	$                     572.80
Cash		$       572.80
(To record check returned unpaid)