Question

Data for Amiable Company are shown below: 12/31/2018 11/30/2018 Bank account balance P 689,085 P 535,410 Cash account balance 201,425 82,350 Bank collection from company customers 404,500 359,075 NSF checks returned by bank 41,250 Outstanding checks 150,560 138,590 Bank service charges 3,000 3,600 Deposits in transit 64,400 41,005 Additional information: NSF checks were redeposited in the same month. No entries made to take up the return and redeposit The bank statement and the company's cash records show the following totals: Total book receipts in December P 1,182.260 Total bank debits in December 1,091,865 Required: Prepare a four-column reconciliation adjusted balance format with proof of receipts and disbursements

Answer 1

Solution

Amiable Company
Reconciliation Adjusted Balance
	Balance			Balance
	Nov	Receipts	Disbursements	Dec
As per Bank Statement	5,35,410			6,89,085
Bank Collection From customers	-3,59,075	3,59,075	4,04,500	-4,04,500
NSF checks returned by bank			-41,250
Outstanding checks
November	-1,38,590		-1,38,590
December			1,50,560	-1,50,560
Bank Service charges
November	3,600		3,600
December			-3,000	3,000
Deposits in transit
November	41,005	-41,005
December		64,400		64,400
As per Cash Book	82,350	3,82,470	3,75,820	2,01,425