Solution 1:
Bank Reconciliation | ||
Jun-30 | ||
Cash balance according to Bank Statement | $1,81,965 | |
Add: Deposit of June 30, not recorded by Bank | $9,900 | |
Add: Bank error in charging check as $710 instead of $170 | $540 | $10,440 |
$1,92,405 | ||
Deduct: Outstanding checks | $16,445 | |
Adjusted Balance | $1,75,960 | |
Cash balance according to Company's books | $1,46,035 | |
Add: Note collected by Bank (Including Interest) | $31,800 | |
$1,77,835 | ||
Deduct: Company's error in charging check as $200 instead of $2000 | $1,800 | |
Deduct: Bank Service Charges | $75 | $1,875 |
Adjusted Balance | $1,75,960 |
Solution 2:
Journal Entries | ||||
S.No | Date | Particulars | Debit | Credit |
(a) | 30-Apr | Cash Dr | $31,800 | |
To Note Receivable | $30,000 | |||
To Interest Revenue | $1,800 | |||
(To record increase in cash as note collected) | ||||
(b) | 30-Apr | Accounts Payable Dr | $1,800 | |
Bank Service Charges Dr | $75 | |||
To Cash | $1,875 | |||
(To record decrease in cash) |
Solution 3:
Cash balance = $175,960
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