Question

QUESTION 4 The following information is collected when recording Scofield Company bank statement for the month of June. RM7,328 Balance per books June 30 Balance per bank statement June 30 RM21,800 Checks written in June but still outstanding RM14,009 Checks written in Maybut still outtanding RM6,200 Deposits of June 29 and 30 not yet recorded by bank RM10.400. . NSF check of customer returned by bank RM2.400, . Check No. 200 for RM1,186 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for RM1,078. . Bank service charge for June was RM100 A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for RM1.648 when Check No. 321 was correctly prepared for RM568. The check cleared the bank in June. The bank collected a note receivable for the company for RM6,900 plus RM200 interest revenue Instruction Prepare bank reconciliation for Scofield Company at June 30. (16 Marks)

Answer 1

BALANCE AS PER BOOK = RM 7328

ADD: CHECK WRITTEN IN JUNE = RM 14000

  CHECK WRITTEN IN MAY= RM 6200

AMOUNT COLLECTED BY BANK (RM 6000+200) = RM 6200

CHECK MISSTATED IN BOOKS (RM 1648-568) = RM 1080

LESS : DEPOSIT NOT RECORDED BY BANK = RM 10400

NSF CHECK RETURNED BY CUSTOMER = RM 2400

AMOUNT UNDERSTATED IN BOOKS (RM 1186-1078)= RM 108

BANK CHARGES = RM 100

BALANCE AS PER BANK = RM 21800