A 5. On 30th September, 2012, the Cash Book of Kumipreko Enterprise showed a debit balanceof GH¢1,560, 000.The Bank Statement of the business at the same date showed a credit balance of GH¢1,130.000.On comparing the Cash Book with the bank statement, the following differences were found;A cheque for GH¢720,000 had been paid into the bank on 30 September but was not creditedby the bank until the following day2. Cheques totalling GH¢1,180,000 had been drawn but not presented to the bank for payment3. Bank charges of GH¢290,000 was debited against the bank statement but did not appear inthe Cash Book4. Dividend of GH¢960,000 collected and credited by the bank on behalf of KumiprekoEnterprise did not appear in the Cash Book5. Payments under standing orders for an amount of GH¢500,000 had been made but did notreflect in the Cash Book6. A cheque for GH¢1,060,000 paid in was dishonoured, and marked Refer to Drawer. This wasnot captured by the Cash Book.Required:Draw up an adjusted Cash Book and Bank Reconciliation Statement

The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Answered: A of GH¢1,560, 000. 5. On 30th…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of $90 for the annual bank service fee. 2 Outstanding EFTs at 28 February totalled S6,200. 3. On 28th February, receipts deposited amounting to $8,820 are still outstanding with the bank. 4. Cash sales of S694 on 20 February were deposited in the bank. The cash receipts journal entry and the deposit slip were wrongly made for S649. The bank credited Allied Ltd for the correct amount. 5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus S220 interest. No interest has been accrued on the note. Prepare BRS
NonnScents Enterprise is a company operated in Changlon, Kedah. As of 31 October 2021, NonnScents Enterprise’s cash account have a balance of RM33,822. The bank statement from Bank Tarak Tipu on that date showed the balance was RM34,022.50. A comparison of the details on the bank statements with the details in the cash account revealed the following facts: 1. The statement included a bank charges of RM200 for printing additional company checks.2. A cash deposit of RM4,180.75 was wrongly recorded in the book as RM4,230.75.3. Outstanding checks and deposits in transit as at 31 October were RM1,381.25 and RM4,680.75 respectively.4. A company check no. 2212 for RM3,425 was incorrectly recorded in the book as RM3,290.5. Bank collected a RM10,000 note receivable plus RM400 interest on behalf of the company. The bank charged a collection fee of RM15. 6. The bank mistakenly debited the company account of RM3,000 for a checks issued by NoCent Enterprise.7. Returned with…
5. On 30" September, 2012, the Cash Book of Kumipreko Enterprise showed a debit balance of GH¢1,560, 000. The Bank Statement of the business at the same date showed a credit balance of GH¢1,130,000. On comparing the Cash Book with the bank statement, the following differences were found; A cheque for GH¢720,000 had been paid into the bank on 30t September but was not credited by the bank until the following day Cheques totalling GH¢1,180,000 had been drawn but not presented to the bank for payment Bank charges of GH¢290,000 was debited against the bank statement but did not appear in the Cash Book Dividend of GH¢960,000 collected and credited by the bank on behalf of Kumipreko Enterprise did not appear in the Cash Book Payments under standing orders for an amount of GH¢500,000 had been made but did not reflect in the Cash Book A cheque for GH¢1,060,000 paid in was dishonoured, and marked Refer to Drawer. This was not captured by the Cash Book. Required: Draw up an adjusted Cash Book…
The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank statement, which came from Park Bank, listed the December 31 balance of RM3, 340. Included in the bank balance was a collection of RM510 on account from Bella, a Lydia customer who pays the bank directly. The bank statement also shows a RM30 service charge and RM20 of interest revenue that Lydia earned on its bank balance. Prepare Lydia's bank reconciliation at December 31.
14 )
Provide solution on the following requirements.
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
As on 30 April the Bank statement of CAT LLC reports a bank balance of RO 6,250, without recording a credit transfer from a customer of RO 4,200 and a standing order payment of RO 3,500. Deposits awaiting clearance were RO 3,400 and the value of cheques yet to be presented on this date was RO 3,780. The cash bank balance is. a. RO 4330 b. Ro 8170 c. RO 2830 d. RO 1920
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.
On 30 June 2016, the cash at bank account for Holmes Traders showed a debit balance of $13,398 and the bank statement showed a credit balance of 20,008. A comparison of the two sets of records disclosed: that there was a bank service fee of $10 the bank had collected $1000 on behalf of Holmes Traders on the maturity of a note unpresented cheques totalling $8340 that the date of a deposit of $2740 was shown by Holmes Traders as 30 June 2016, whereas the bank did not record the deposit until 1 July 2016 the bank statement shows interest received on bank account, $20 Required: 1.Prepare the bank reconciliation statement for Holmes Traders for the month ended at 30 June 2016. 2.Do you agree with the statement: “Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer”? Discuss.
On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…
On December 31st, the cheque book balance of Bob's Burgers Ltd. was $1,301.31. The bank statement balance was $1,670.26. Cheques outstanding were $3,152.88. The statement revealed a deposit in transit of $2,815.35 as well as a bank service charge of $112.88. The company earned interest income of $44.30. Complete a bank reconciliation for Bob's Burgers Ltd. $1,332.73 $1,968.23 $1.514.04 $1,345.61 $1,414.19 $1,896.66 $1.269.89 $2.454.19

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS