a) | ||
Thomas P Lee |
||
Computation of Bank Balance for Balance Sheet Purposes | ||
as on 31 October 2019 | ||
Balance per cash book |
£ 894.68 | |
Add: Cheque duplicated (4) | £ 15.10 | |
Traders’ credits not in cash book (7) | £ 210.10 | £ 225.20 |
£ 1,119.88 | ||
Less: T Andrews: dishonoured cheque (3) | £ 29.31 | |
Bank charges not in cash book: (2) | ||
Bank commission |
£ 169.56 | |
Bank interest | £ 109.10 | |
Incorrect entry of cheque (310.84 – 301.84) (1) | £ 9.00 | |
Standing order not in cash book (8) | £ 15.00 | £ 331.97 |
Corrected bank balance | £ 787.91 | |
b) | ||
Thomas P Lee |
||
Bank Reconciliation Statement | ||
as on 31 October 2019 | ||
Corrected cash book balance | £ 787.91 | |
Add: Unpresented cheques (6) | £ 395.80 | |
£ 1,183.71 | ||
Less: Bankings not on bank statements (5) | £ 1,895.60 | |
Overdraft per bank statement | £ 711.89 | |
c) | ||
Bank Reconciliation Statement helps to verify correctness of cash book and bank statement |
Part 6 - Checks and errors 24.6A in the draft accounts for the year ended 31...
Cash and cheques amounting to £690 had been paid int not credited by the bank until 2 January 2016. (a) Starting with the debit balance of £1,500, bring the cash b then balance the bank account. (b) Prepare a bank reconciliation statement as at 31 December 20 (Midland Examining Group: GCSE) 30.6A In the draft accounts for the year ended 31 October 2016 of Thomas p the balance at bank according to the cash book was £894.68 in hand. Subsequently...
QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though, the cash book on 31" March, 2020 showed a balance at bank to be GHS 13,460. Your attention is however drawn to the following: Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until April 2, 2020....
Accounting ii) QUESTION 3 The Income Statement of Adom Enterprise for the year ended 31" March, 2020 as prepared by an Accounts Assistant indicated a net profit of GHS 148,080. Though the cash book on 31 March, 2020 showed a balance at bank to be GHS 13.460. Your attention is however drawn to the following: i) Cheques from customers totalling GHS 14,940 which were recorded in the cash book on March 25, 2020 were not credited by the bank until...
PLEASE TURN OVER Question 3 20 Marks The following is a summary of a cash book as presented by George Ltd for the month of October: Receipts Balance c/d 1,469 554 2,023 Balance b/d Payments 761 1,262 2,023 All receipts are banked and all payments are made by cheque On investigation you discover: (1) Bank charges of R136 entered on the bank statement have not been entered in the cash book. (2) Cheques drawn amounting to R267 had not been...
PLEASE TURN OVER Question 3 20 Marks The following is a summary of a cash book as presented by George Ltd for the month of October: Receipts Balance c/d 1,469 554 2,023 Balance b/d Payments 761 1.262 2,023 All receipts are banked and all payments are made by cheque On investigation you discover: (1) Bank charges of R136 entered on the bank statement have not been entered in the cash book. (2) Cheques drawn amounting to R267 had not been...
The following information was available to reconcile Montrose Company’s book balance of Cash with its bank statement balance as of October 31, 2020: a. After all posting was completed on October 31, the company’s Cash account had a $13,219 debit balance but its bank statement showed a $29,355 balance. b. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not....
Question 6 The following information was available for Anderson Company for the month ended May 31, 2020. (a) On May 31, 2020, the book balance was $3,890.22 and the bank balance was $5,760.22. (b) Outstanding cheques amounted to $6,310. (c) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement. (d) A $50 debit memorandum for cheques printed by the bank was included in the bank statement. (e) A customer’s note for...
Question 4 On 31* December 2019 Oklu's cash book showed a debit balance of Ghc14,760. His bank statement showed a balance of Ghc13,250. The reason for the difference is as follows: a. A cheques of Ghc980 was received and entered in the cash book but not recorded in the bank statement b. Unpresented cheque totaling Ghc1,870 C. The payment side of the cash book had been undercast by Ghc1,000 d. Standing order Ghc630 had not been entered in the cash...
Prepare bank reconciliation and adjusting entries. P7.12A (LO 4) AP Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows: 1.Outstanding cheques were #421 for $165, #485 for $265, #492 for $175, and #494 for $1,165. Cheque #421 was also outstanding on July 31 and was included on July's bank reconciliation. 2.Included with the statement were EFT deposits totalling $1,735 during August in payment of accounts receivable. These deposits have not been recorded...
The Income Statement of Adom Enterprise for the year ended 31st March, 2020 as prepared by an AccountsAssistantindicatedanetprofitofGHS148,080.Though,thecashbookon31st March,2020 showed a balance at bank to be GHS 13,460. Your attention is however drawn to the following:i) Cheques from customers totalling GHS 14,940 which were recorded in the cash book onMarch 25, 2020 were not credited by the bank until April 2, 2020.ii) Cheques issued on March 13, 2020 totalling GHS 22,260 in favour of suppliers were not paidby the bank...