comparison, the following items of differences were found with pass book.On 30th June 2018 the cash book of a trader shows a deposit balance of ? 4,800. HowevePrepare a statement to ascertain the balance as per pass book.From the following particulars you are required to ascertain the bank balance as would aInterest of 1,425 on overdraft upto 31st July 2019 has been debited in the bank4. Cheques issued prior to July 31st 2019 but not presented till that date amounte3lntiest etscovedited in theentriedbut not1523.Accountancy -I(et) Direct payment by a customer to bank420ehoplon(b) Interest on deposit credited by bank(c) Insurance premium paid by bank(d) Bank charges in pass book1808080(Ans: Balance as per pass book .4.the cash book of K. Bharathan as on July 31st 2019.appeIn th1.ne bank pass book showed an overddraft of E 18.700 on July 31st 2019.2.ing andaccounbook, but it has not been entered in the cash book.one acefollowsIf we tabalancof veriby prdik charges for the said period debited in the bank pass book amount to ? 75.10,700.S. Cheques paid into the bank before 31st July but not collected and credited uptosdate were for 2,700.0. Interest on investments collected by the bank and credited in the pass book amouto 2,050.Mea(Ans: Overdraft balance as per cash book ?27of alof th5.From the following particulars ascertain the balance that would appear in the bank pass book of Krishnaon 31st December, 2016.1.The Bank overdraft as per cash book on 31st December 2016, 7 6,340.2. Interest on overdraft for 6 months ending 31st December 2016, 7 160 is entered in the pass boBank charges of 30 are debited in the pass book.it isis a3.4.Cheques issued but not cashed prior to 31st December amounted to ? 1,168.by5. Cheques paid into bank but not cleared before 31st December, were for ? 2,170.S6.Interest on investments collected by the bank and credited in the pass book, 7 1,200.(Ans: Overdraft as per pass book ? 6,3My bank pass book for account A shows an overdraft of 7 6,500 on 31st March 2019. This doesagree with the cash book balance. Prepare a bank reconciliation statement and show the cabook balance.6.1. Cheques amounting to 7 15,000 were paid into bank in March out of which it appears, onlycheques amounting to ? 4,500 were credited by bank.2. Cheques issued during March totalling ? 11,000, out of these cheques ? 3,000 were unpaid on31st March 2019.3.The bank has wrongly debited account A with ? 500 in respect of a cheque drawn on account BThe account stands debited with { 150 for interest and with ? 30 for bank charges, but not4.recorded in the cash book.5. The bank has paid the annual subscription of ? 100 to the club as per standing instructions(Ans: Balance as per cash book (debit) ? 1.

Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

comparison, the following items of differences were found with pass book. On 30th June 2018 the cash book of a trader shows a deposit balance of 4,800. Howev Prepare a statement to ascertain the balance as per pass book. (a) Direct payment by a customer to bank 420 (b) Interest on deposit credited by bank (c) Insurance premium paid by bank (d) Bank charges in pass book 180 80 80 Dalonce as er pasn L

comparison, the following items of differences were found with pass book. On 30th June 2018 the cash book of a trader shows a deposit balance of 4,800. Howev Prepare a statement to ascertain the balance as per pass book. (a) Direct payment by a customer to bank 420 (b) Interest on deposit credited by bank (c) Insurance premium paid by bank (d) Bank charges in pass book 180 80 80 Dalonce as er pasn L

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

Marin Company’s general ledger indicates a cash balance of $22,340 as of September 30, 2018. Early in OctoberMarin received a bank statement indicating that during September Marin had an NSF check of $1,500 returnedto a customer and incurred service charges of $45. Marin also learned it had incorrectly recorded a checkreceived from a customer on September 15 as $500 when in fact the check was for $550. Calculate Marin’s correct September 30, 2018, cash balance.
Given the following information, determine the adjusted cash balance per books from the following information: a. Balance per books as of June 30, $8,600. b. Outstanding checks, $820. с NSF check returned with bank statement, $130. d. Deposit mailed the afternoon of June 30, $300. e Check printing charges, $30. Interest earned on checking account, $12. Adjusted cash balance per books $
Rexrode Company's bank statement at January 31 showed an ending balance of $24,712.80. The unadjusted cash account balance for Rexrode is $21,245.75. The following data were gathered by Rexrode's accountant: Outstanding checks as of January 31: $4,895.44 ● NSF check from customer: $183.62 • Debit memo related to the returned deposit: $20.00 Credit memo for interest earned: $12.00 • Deposits in transit: $1,236.77 Required: a. Prepare a bank reconciliation for Rexrode Company at January 31. b. Indicate how each of the required adjusting entries impact the financial statements. . • Complete this question by entering your answers in the tabs below. Required A Required B Indicate how each of the required adjusting entries impact the financial statements. Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Round your answers to 2 decimal places. Item Outstanding checks NSF check from a customer Debit memo related to the…
Vinubhai
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.
On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting clearance were RO 12,400 and the value of cheques issued but not yet presented in the bank was RO 11,480. There was a credit in the bank for insurance claim amounting to RO 2,500 and debit was made for the Loan instalment for RO 5,500. The balance as per the cash book is.
As of June 30, Year 1, the bank statement showed an ending balance of $18,181. The unadjusted Cash account balance was $17,028. The following information is available: 1. Deposit in transit, $2,795. 2. Credit memo in bank statement for interest earned in June: $14. 3. Outstanding check: $3,946. 4. Debit memo for service charge: $12. Required: Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information. Note: Negative amounts should be indicated with minus sign. Bank Reconciliation Unadjusted bank balance 6/30/Year 1 True cash balance 6/30/Year 1 Unadjusted book balance 6/30/Year 1 True cash balance 6/30/Year 1 $ $ $ 18,181 18,181 4 0
On April 3, Erin Gardner received her bank statement showing a balance of $2,086.93. Her checkbook showed a balance of $1,912.47. Outstanding checks were $234.15, $317.80, $78.10, $132.42, and $212.67. The account earned $20.43. Deposits in transit amount to $814.11, and there is a service charge of $7.00. Use the form below to calculate the reconciled balance. CHECKBOOK BALANCE Add: Interest Earned & Other Credits SUBTOTAL Deduct: Service Charges & Other Debits ADJUSTED CHECKBOOK BALANCE tA ta ta ta tA STATEMENT BALANCE Add: Deposits in Transit SUBTOTAL Deduct: Outstanding Checks LA tA ·SA $ LA ADJUSTED STATEMENT BALANCE $ LA E
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.
Hunter Company bank statement indicated a cash balance of $9,610, while the cash 11. chut ledger account on that date shows a balance of $7,430 in July 31. Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customer's NSF check for $225 received as payment of an account receivable. 2016092 FAT 2019302296 The bank statement showed $30 interest earned on 201504 20130022 2019002295 the bank balance for the month of July. 7090022 2019002295 20120
Please help me
1