Prepare a bank reconciliation for March 31, 2012, given the following
A. The bank statement balance is $4,000
B. The cash account balance is $3,000
C. The Outstanding checks total $1,500
D. Deposits in transit are $500
E. The bank service charge is $20
F. Interest reported on the bank statement was $10
G. A check for $10 was recorded as $100 in the ledger
H. A NSF for $80 was returned with the statement. This was not known until it came in the bank statement.
Calculation of Balance per bank
Particulars | Amount$ |
Balance per bank | 4,000 |
Less : Outstanding checks | 1,500 |
Deposists in transit | 500 |
Adjusted balance per bank | 3,000 |
Calculation of Balance per book
Particulars | Amount$ |
Balance as per book | 3,000 |
Interest expense | 10 |
Less : Bank Service Charge | 20 |
Book error (100 -10) | 90 |
NSF check | -80 |
Adjusted Balance per Book | 3,000 |
Prepare a bank reconciliation for March 31, 2012, given the following
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