Apex Manufacturing Ltd. has provided the following details to reconcile its cash balance as of31 October 2024. The bank statement for the month shows a credit balance of $25 000. Thecash balance per the company's records as of 31 October is $26 990. Additional information isprovided below:1. On 15 October, Apex Manufacturing Ltd. issued a EFT No. 102 for $750 to a supplier.The cheque was mistakenly recorded in the books as $700.2. Outstanding deposits as of 31 October totalled $1 800.3. Outstanding EFT as of 31 October totalled $1 200.4. The bank statement includes interest earned of $50.5. The bank statement showed a reversal entry of $ 590 that was originally deposited byP. Macca, a customer, into Apex' bank account.6. Bank mistakenly included an EFT payment on Apex's bank statement that related toTolga Ltd. The EFT amount was for $800.Required:(1) Prepare a bank reconciliation statement for Apex Manufacturing Ltd. As of 31 October2024.

Hello student! Bank Reconciliation is a statement where we make sure that the cash balance showing…

Answered: Apex Manufacturing Ltd. has provided…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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On December 31, 2021, the cash account of Coco Corp, showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.a. There was a bank service charge of P 1,500 for the month of December 2021.b. There was a credit memo for a note collected by the bank for oOco Corp. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200.What is the…
The books of VKS Company disclosed a cash in bank balance of P38,295 on December 31, 2021. Meanwhile, the bank statement as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows:· A note collected by the bank was credited to the company’s account amounting to P180,000. No entry has been made yet in relation to the note.· Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank.· Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021.· Deposits in transit as of December 31, 2021 amounted to P549,209.What is the adjusted ‘cash in bank’ balance as of December 31, 2021?
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
On April 30, 2020, Dream Traders’ books show a cash book balance of OMR 3,335. As per the bank statement the balance on April 30, 2020 was 2,125. An investigation on the difference between two sums established the following details:a) Cheque No. 315 for OMR xx is outstanding.b) While comparing the issued checks with accounting records, it is found that a cheque drawn for OMR 500 in payment of building insurance is wrongly recorded as OMR 400.c) A deposit of OMR xx made after banking hours on April 30 is not seen in the bank records.d) It is revealed that a cheque written by Drums Traders for OMR xx is incorrectly drawn against Dreams Traders.e) ETF (Electronic Fund Transfer) payment for audit services OMR xx is not recorded in the company records.f) A cheque issued to a supplier for OMR 565, cleared by the bank, is incorrectly recorded by the company as OMR 556.Required:Prepare a bank reconciliation statement for Dream Traders for the month of April 2020. Note: Before you begin, fill…
On November 30, Brown Sugar Plc has the below information related to cheques and cash: The bank balance as per the accounting records of the company, amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758 Collected cash of $6244 on November 30 will be transferred to the Bank on December 1. In the Bank Statement there is a credit of $167 showed as Interest Earned for November. There are two outstanding cheques #921 of amount $964 and #925 of amount $1085. In the Bank Statement, there is a debit of $14 shown as Bank Service Charges, Non-Sufficient-Funds Cheque of Mr. Sweet with $700. Required: Prepare a Bank Reconciliation statement on November 30 Prepare the necessary journal entries after the preparation of the Bank Reconciliation
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The following information of Mimosa General Dealers for July 2021 has been provided to you: • The debit balance per the bank account at 31 July 2021 was R6 250. • Bank charges of R130 appeared on the bank statement. • A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. • The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. • A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. • The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. • An insurance premium direct debit of R300 appeared on the bank…
The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.

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