Illustration Bank Reconciliation PDF

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FAITH COLLEGESCONCEPTBank ReconciliationIllustration I ABC Co. receives its July 2019 bank statement and immediately prepares its July 2019 bank reconciliation. Relevant information prepares follows a. cash balance per books – P300, b. cash balance shown on the bank statement – P430,0 00 c. credit m...

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FAITH COLLEGES CONCEPT

Bank Reconciliation Illustration I ABC Co. receives its July 2019 bank statement and immediately prepares its July 2019 bank reconciliation. Relevant information prepares follows a. cash balance per books – P300,000 b. cash balance shown on the bank statement – P430,000 c. credit memo – P190,000 d. debit memo – P30,000 e. deposit in transit – P50,000 f. outstanding checks – P25,000 (including certified checks of P5,000 Requirement: Prepare the bank reconciliation. Illustration II You received your August 2019 bank statement. The August 31, 2019 cash balance in your accounting books is P520,000 while the cash balance shown on the bank statement is P410,000. You determined the following information a. Check # 2345 for P45,000 issued to a supplier, is not yet presented to the bank for payment b. A P205,000 check deposit, with deposit slip # 0989 is not yet credited to your account. c. A customer deposited P60,000 to your bank account. You have not yet recorded this collection of accounts receivable in your accounting books. d. The bank paid P10,000 monthly mobile phone charges directly out of your account. Requirement: a. prepare the bank reconciliation b. prepare the adjusting (reconciling) entries Illustration III ABC Co. is preparing its September 30, 2019 bank reconciliation. The following information was determined a. Balance per bank statement, September 30, 2019 – P180,000 b. Deposit in transit, September 30, 2019 – P32,000 c. Return of customers check for insufficiency of funds (NSF check), September 30, 2019 – P60,000 d. Balance per books, September 30, 2019 – P143,000 e. Outstanding checks, September 30, 2019 – P27,000 f. A collection of P320,000 was recorded in the books as P230,000. The bank statement shows the correct amount of P320,000 g. The bank erroneously credited a P12,000 deposit of Eye Busy Co. to ABC Account. Requirement: Prepare the bank reconciliation Illustration IV ABC CO. is preparing its October 31, 2019 bank reconciliation. The following information was determined. a. the cash balance per books is P560,000 while the cash balance per bank statement is P640,000 b. credit memo – P40,000 c. debit memo – P30,000 d. deposit in transit – P150,000 e. outstanding checks – P50,000 f. the disbursement per books are overstated by P90,000 g. the bank debits are understated by P80,000 Requirement: Prepare the bank reconciliation Illustration: PROOF OF CASH The following information was taken from the records of ABC Co.

Book Balance Book debits Book credits Bank balance Bank debits Bank credits Notes collected by bank Bank service charge NSF check Overstatement of check in payment of salaries

November 30 5,600

15,000

2,250 20 880 1,900

December 31 ? 31,900 28,200 20,400 ? 27,300 3,000 100 1,400 1,200

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