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    112.BankReconciliation and Proof of Cash

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    Princess Escovidal
    The document provides bank reconciliation information for ABC Company in May and June, including balances per bank and book, outstanding checks and deposits, and service charges. It also provides the bank reconciliation for November 30 and December transactions. Finally, it details bank and book transactions and discrepancies for Herson Amolo Fabricators to calculate the adjusted cash in bank balance on May 31, 2016.

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    112.BankReconciliation and Proof of Cash

    Uploaded by

    Princess Escovidal
    2K views1 page
    The document provides bank reconciliation information for ABC Company in May and June, including balances per bank and book, outstanding checks and deposits, and service charges. It also provides the bank reconciliation for November 30 and December transactions. Finally, it details bank and book transactions and discrepancies for Herson Amolo Fabricators to calculate the adjusted cash in bank balance on May 31, 2016.

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    Quiz for Bank Recon

    Original Title

    112.BankReconciliation-and-Proof-of-Cash

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    The document provides bank reconciliation information for ABC Company in May and June, including balances per bank and book, outstanding checks and deposits, and service charges. It also provides the bank reconciliation for November 30 and December transactions. Finally, it details bank and book transactions and discrepancies for Herson Amolo Fabricators to calculate the adjusted cash in bank balance on May 31, 2016.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views1 page

    112.BankReconciliation and Proof of Cash

    Uploaded by

    Princess Escovidal
    The document provides bank reconciliation information for ABC Company in May and June, including balances per bank and book, outstanding checks and deposits, and service charges. It also provides the bank reconciliation for November 30 and December transactions. Finally, it details bank and book transactions and discrepancies for Herson Amolo Fabricators to calculate the adjusted cash in bank balance on May 31, 2016.

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    © All Rights Reserved
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    BANK RECONCILIATION AND PROOF OF CASH

    (THE FOLLOWING INFORMATION IS INTENDED FOR THE NEXT 2 ITEMS: )


    ABC Company provided the following information:
    Balance per bank statement – May 31 P2,600,000
    Deposits outstanding 300,000
    Checks outstanding (100,000)
    Correct bank balance – May 31 2,800,000
    Balance per book – May 31 2,810,000
    Bank service charge (10,000)
    Correct book balance – May 31 2,800,000
    June data are as follows:
    Bank Book
    Checks recorded 2,200,000 2,500,000
    Deposits recorded 1,600,000 1,800,000
    Service charges recorded 50,000 -
    Note collected by bank, P500,000 plus interest 550,000
    NSF check returned with June 30 statement 100,000
    Balances 2,400,000 2,100,000
    1. What is the amount of outstanding checks on June 30?
    2. What is the amount of deposit in transit on June 30?

    3. ABC prepared the following bank reconciliation on November 30:


    Balance per bank statement P2,100,000
    Deposits outstanding 300,000
    Checks outstanding (30,000)
    Correct cash balance 2,370,000
    Balance per book 2,372,000
    Bank service charge (2,000)
    Correct book balance – May 31 2,370,000
    December data
    Bank Book
    Checks recorded 2,300,000 2,360,000
    Deposits recorded 1,620,000 1,800,000
    Collection by bank, P400,000 note plus interest 420,000 -
    NSF check returned 10,000
    Balances 1,830,000 1,810,000
    What is the adjusted cash in bank balance on December 31?

    On May 31, 2016, the Herson Amolo Fabricators had a cash balance per books of P57,815. The May bank statement from
    the Katipunan Development Bank reported a balance of P68,586. A comparison of the statement with the cash account
    revealved the following facts:
     The statement included a debit memo of P300 for the cost of two checkbooks.
     Cash sales of P8,361.50 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit
    slip were incorrectly made for P8,461.50. the bank credited Herson Amolo Fabricators for the correct amount.
     Outstanding checks at May 31 totaled P12,762.50, and deposits in transit were P9,361.50.
     On May 18, the company issued check no. 1181 for P6,580 to Citra Steel on account. The check which cleared the
    bank in May, was incorrectly journalized and posted by Herson Amolo Fabricators for P6,850.
     A P20,000 note receivable was collected by the bank for Herson Amolo Fabricators on May 31 plus P800 interest.
    The bank charged a collection fee of P200. The only entry made in May by the company for the note was to accrue
    interest through May 31.
     Included with the cancelled check issued by the Garcia Company to E. Flores for P6,000 that was incorrectly
    charged to the Herson Amolo Fabricators.
     On May 31, the bank statement showed an DAIF charge of P7,100 for a check issued by Gomez Realty, a customer
    to the Herson Amolo Fabricators on account.
    4. Adjusted balance of cash in bank

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