Week 2 Bank Reconciliation Practice Problems PDF

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QUIZ RESULTSWeek 02: CCE BankreconciliationMNL-22-Total Questions: 15Your Score: 7/Your Rating: 46%Legend: Correct Chosen Answer Incorrect Chosen Answer Correct Answer While checking the cash accounts of Harry Company on December 31, 2020, you find the following information: Cash in bank - per books...

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QUIZ RESULTS Week 02: CCE Bankreconciliation Total Questions: Your Score: Your Rating:

15 7/15 46.67%

Legend:  Co 

Inc

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Co

1. While checking the cash accounts of Harry Company on December 31, 2020, you find the followin Cash in bank - per books P 67,760 Balance in BDO checking account (outstanding checks per books of 65,323 P9,876) Deposit in SRD bank closed by BSP 16,000 Deposit in transit 12,345 Currency and coins counted 9,500 Petty cash fund (of which P450 is in the form of paid vouchers) 1,000 Bank charges not yet taken up in the books 58 Bond sinking fund-cash 10,000 Receivables from employees 700 Book error in recording a check, the correct amount as paid by the bank is P890 instead of P980 as r The correct cash in bank balance for Brooks Company on December 31, 2020 is a. 55415 b. 67792 c. 70229 d. 83792 2. While checking the cash accounts of Potter Company on December 31, 2020, you find the followin Cash in bank - per books P 67,760 Balance in BDO checking account (outstanding checks per books of 65,323 P9,876) Deposit in SRD bank closed by BSP 16,000 Deposit in transit 12,345 Currency and coins counted 9,500 Petty cash fund (of which P450 is in the form of paid vouchers) 1,000 Bank charges not yet taken up in the books 58 Bond sinking fund-cash 10,000 Receivables from employees 700 Book error in recording a check, the correct amount as paid by the bank is P890 instead of P980 as r The correct cash on hand balance for Brooks Company on December 31, 2020 is

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The amount of cash disbursements per book in April is a. 44600 b. 49700 c. 54800 d. 57200 4. Granger Company had the following bank reconciliation at March 31, 2020 Balance per bank statement, March 31, 2020 Add: Deposit in transit Less: Outstanding checks Balance per book, March 31, 2020

P 46,500  10,300  

 P 56,800 12,600 P 44,200

Data per bank statement for the month of April, 2020 follow: Deposits Disbursements

P 58,400 49,700

All reconciliation items at March 31, 2020 cleared through the bank in April. Outstanding checks a The cash balance per books at April 30, 2020 is a. 47700 b. 52900 c. 55200 d. 58500 5. 5. Ron Company reported a balance of P43,000 in its Cash account at the end of the month. There and P15,000 outstanding checks. The bank statement showed a balance of P50,000, including a no a P6,000 service charge. How much is the interest on the note collected by the bank? a. 3000 b. 6000 c. 9000 d. 12000 6. In reconciling the Cash in bank of Albus Company with the bank statement balance for the month data are summarized: Book debits for November, including October CM for note collected, P60,000 Book credits for November, including NSF of P20,000 and service charge of P800 for October Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000 Bank debits for November including October outstanding checks of P170,800 and November service charge of P200 The amount of outstanding checks for November is a. 20000 b 170200

P 800,000  620,000  700,000  600,000

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c. 140000 d. 220000 8. On March 31, 2020 Snape Company received bank statement. However, the closing balance was u bank did not secure the desired information. The following data are available in preparing a bank r February 28 book balance Note collected by bank Interest earned on note NSF check of customer Bank service charge on NSF check Other bank service charges Outstanding checks Deposit of February 28 placed in night depository Check issued by Snake Company charged to Snape Company’s account

1,460,000 100,000 10,000 130,000 2,000 3,000 202,000 85,000 20,000

The cash balance per bank statement is a. 1435000 b. 1532000 c. 1338000 d. 1557000 9. Draco Company prepared the following bank reconciliation on March 31: Book balance Add: March 31 deposit  Collection of note  Interest on note Total Less:  Drayco Company’s deposit to our account  Bank service charge Adjusted book balance Bank balance Add: Error on check No. 175 Total Less: Preauthorized payments for water bills  NSF check  Outstanding check Adjusted bank balance

 750,000 2,500,000 150,000  1,100,000 45,000     205,000 220,000 1,650,000 

1,405,000   3,400,000 4,805,000  1,145,000 3,660,000 5,630,000 45,000 5,675,000   2,075,000 3,600,000

Check No. 175 was made for the proper amount of P249,000 in payment of account. However it w journal as P294,000. Draco Company authorized the bank to automatically pay its water bills as submitted directly to th The adjusted cash in bank on March 31 is a. 3660000 b. 3600000

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a. 970000 b. 270000 c. 550000 d. 610000 11.In reconciling the cash balance on December 31, 2020 with that shown in the bank statement, the f the records of Ginny Company. Balance per bank statement Balance per book Outstanding checks Deposit in transit Service charge Proceeds of bank loan, December 1, discount for 6 months at 12%, not recorded as Ginny Company’s books Customer’s check charged back by bank for absence of counter signature Deposit of P100,000 incorrectly recorded by bank Check of Genie Company charged by bank against Ginny Company’s account Deposit of Geeneh Company credited to Ginny Company’s account Erroneous debit memo of December 28, to charge Ginny Company’s account with settlement of bank loan Customer’s note collected by bank in favor of Colchester Company Face Interest Collection fee The adjusted cash in bank on December 31, 2020 is

4,000,000 2,700,000  600,000  475,000  10,000   940,000 50,000 10,000 150,000 300,000  200,000 435,000

400,000



40,000



(5,000)

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a. 4315000 b. 3925000 c. 3075000 d. 4015000 12.The following information was included in the bank reconciliation for Neville Company for Octobe Checks and charges recorded in November, including a November service charge of P4,000 and NSF check of P20,000 Service charge made in October and recorded by Neville Company in November Total credits to cash in all journals during November Customer’s NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) Outstanding checks on October 31, 2011 that cleared in November The total amount of outstanding checks on November 30, 2011 is a. 282000 b. 300000 c. 322000 d. 302000

 550,000 2,000 620,000  40,000 230,000

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a. 3000000 b. 2910000 c. 3080000 d. 2990000 14.Your cashier, Ms. McGonagall has notified you that she has misplaced all the bank statements for t review selected accounting records during the year and discover that the following journal entry w 2020 bank statement and accounting records:       Accounts receivable         15,202  Miscellaneous expense 125  Note receivable 2,000  Interest revenue 100  Cash  13,227 As of June 30, 2020, the cash balance prior to adjustment in the accounting records was P76,684; o The unadjusted cash balance per bank statement as of June 30, 2016 is a. P61,382 b. P63,457 c. P65,532 d. P87,836 15.Sirius Company’s March 31 bank reconciliation shows deposits in transit of P900. The general ledg total cash receipts during April of P35,100. The April bank statement shows total cash deposits of P for P1,100 from the collection of a note; the note collection has not yet been recorded by the comp The amount of deposits in transit that should appear in the April 30 bank reconciliation is a. P1,700 b. P800 c. P600 d. P300

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