Answered: Bank Reconciliation

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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Problems on Bank Reconciliation

Q4 Bank Pass book of Al Noor Industries LLC showed a credit balance of RO 27,350 on July 31,2018. The following differences were found on that date between the cash book and the pass book:

-Cheques issued before July 31,2018, amounting to RO19,000 had not been presented for payment.

-Two cheques of RO 5,000 and RO 3,500 were deposited into bank on July 31, but the bank gives credit for the same in August.

-Insurance premium directly paid by bank RO 5,000.

-RO 2,000 wrongly debited to the firm account by the bank.

-Prepare Bank Reconciliation Statement as on July 31,2018.

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