l 72% 1 11:31 AMPRACTICE QUESTION FRO...FINANCIAL ACCOUNTINGbusiness.q) A cheque drawn by Javed Traders Rs.500 wrongly debited bybank into Jamshed Traders' account.r) Dividend credited by bank Rs.500 not recorded in cash book.Required: Prepare a Bank Reconciliation Statement as on Feb 28th,2018.7. Bank Reconciliation StatementThe accountant of Al-Firdos Company has extracted the following datafrom its Cash record & it's Bank Statement on February 29,2008.1.Balance as per Cash record Rs.48,000.Balance as per Bank Statement Rs. 60,000.2.Last day deposit not shown in the Bank Statement Rs.24,000Uncleared cheques Rs.12,000.Unpresented cheques Rs.18,000Cheque No.22 for Rs.1,440 was deposited in the Bank but it wasrecorded by them as Rs.2,520.3.4.5.6.7.Direct deposit in the Bank Rs.14,400 was not recorded in theCash record.8.Cheque deposited for Rs.7,800 was recorded in the Cash recordRs.6,720.9.Bank service charges were not recorded in the Cash recordRs.960.10. Promissory Note paid by the bank was not recorded in the Cashrecord Rs.6,000.11. Dividends collection was credited by the bank but was notrecorded in the Cash record Rs.20,400.REQUIRED: Prepare a Bank Reconciliation Statement on February29,2007.8. Financial StatementThe following balances were extracted from the ledger of M/s. KiranFatima & Co. on June 30th, 2016.Cash Rs.13,700; Account Receivable Rs.25,000; MerchandiseInventory (1.07.2015) Rs.6,500; Office supplies Rs.3,500; SalesFauinment Rs 2. Allowance for Denreciation-Sales Fauipment N 72% 11:31 AM5. Bank Reconciliation StatementThe following information of NY& Co. is obtained from thecomparison of their cash book and bank statement records:a) Balance as per Cash book Rs.28,950.b) Balance as per Bank Statement Rs.29,720c) Bank deducted service charges Rs.280.d) Issued cheques totaling Rs.12,000 out of which cheque totalingRs.4,200 presented in bank.e) Deposited cheques of Rs.9,000 into bank out of which chequestotaling Rs.7,200 remain un-cleared.f) Cash book bank column revealed that a cheque deposited intobank Rs.6,720 collected from customer recorded as Rs.6,270.Required: Prepare a Bank Reconciliation Statement as on Mar 31st,2016.6. Bank Reconciliation StatementThe comparison of cash book (Bank Column) and the Bank Statementof Jamshed Traders for the month of Feb, 2018 reveled the following:g) Balance as per Cash book Rs.13,750h) Balance as per Bank Statement Rs.5,000i) Bank debited mark-up Rs.100j) Cheque deposited amounting to Rs.7,500 is in clearing process.k) Bank wrongly credited a cheque of Rs.1,275 instead of 3,625.1) Badar's cheque returned and marked NSF for Rs.875.m) Cheque issued for purchase of furniture Rs.1,000 was entered incash book as Rs.625.n) Direct deposited by customer 2,150 was not recorded in cashbook.o) Cheques totaling of Rs.2,500 were issued but cheques totalingRs.1,450 presented into bank.p) Bank paid Note for 'Jamshed Traders' Rs.750 not recorded bybusiness.q) A cheque drawn by Javed Traders Rs.500 wrongly debited bybank into Jamshed Traders' account.r) Dividend credited by bank Rs.500 not recorded in cash book.Required: Prepare a Bank Reconciliation Statement as on Feb 28th,2018.

Hi student Since there are multiple questions, we will answer only first question. Ideally cash…

7. Bank Reconciliation Statement The accountant of Al-Firdos Company has extracted the following data from its Cash record & it's Bank Statement on February 29,2008. 1. Balance as per Cash record Rs.48,000. Balance as per Bank Statement Rs. 60,000. Last day deposit not shown in the Bank Statement Rs.24,000 Uncleared cheques Rs.12,000. Unpresented cheques Rs.18,000 6. Cheque No.22 for Rs.1,440 was deposited in the Bank but it was recorded by them as Rs.2,520. 7. Direct deposit in the Bank Rs.14,400 was not recorded in the 2. 3. 4. 5. Cash record. 8. Cheque deposited for Rs.7,800 was recorded in the Cash record Rs.6,720. 9. Bank service charges were not recorded in the Cash record Rs.960. 10. Promissory Note paid by the bank was not recorded in the Cash record Rs.6,000. 11. Dividends collection was credited by the bank but was not recorded in the Cash record Rs.20,400. REQUIRED: Prepare a Bank Reconciliation Statement on February 29,2007.

7. Bank Reconciliation Statement The accountant of Al-Firdos Company has extracted the following data from its Cash record & it's Bank Statement on February 29,2008. 1. Balance as per Cash record Rs.48,000. Balance as per Bank Statement Rs. 60,000. Last day deposit not shown in the Bank Statement Rs.24,000 Uncleared cheques Rs.12,000. Unpresented cheques Rs.18,000 6. Cheque No.22 for Rs.1,440 was deposited in the Bank but it was recorded by them as Rs.2,520. 7. Direct deposit in the Bank Rs.14,400 was not recorded in the 2. 3. 4. 5. Cash record. 8. Cheque deposited for Rs.7,800 was recorded in the Cash record Rs.6,720. 9. Bank service charges were not recorded in the Cash record Rs.960. 10. Promissory Note paid by the bank was not recorded in the Cash record Rs.6,000. 11. Dividends collection was credited by the bank but was not recorded in the Cash record Rs.20,400. REQUIRED: Prepare a Bank Reconciliation Statement on February 29,2007.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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