DO IT ABC Co. is preparing its November 30, 2020 bank reconciliation. The following information was determined. a. The cash balance per books is P500,000 while cash balance per bank statement is P530,000. b. The bank collected P640,000 from a customer, representing P600,000 principal of note receivable and P40,000 interest. c. NSF check of P150,000 returned by the bank to ABC. ABC Co. not yet recorded the return of the check. d. Collections amounting to P310,000 were deposited by month end but were not yet reflected on the bank statement. e. Checks issued totaling P60,000 are not yet presented to the bank for payment. f. A book error caused the debits to be overstated by P120,000. g. The bank error caused the debits to be overstated by P90,000.

DO IT ABC Co. is preparing its November 30, 2020 bank reconciliation. The following information was determined. a. The cash balance per books is P500,000 while cash balance per bank statement is P530,000. b. The bank collected P640,000 from a customer, representing P600,000 principal of note receivable and P40,000 interest. c. NSF check of P150,000 returned by the bank to ABC. ABC Co. not yet recorded the return of the check. d. Collections amounting to P310,000 were deposited by month end but were not yet reflected on the bank statement. e. Checks issued totaling P60,000 are not yet presented to the bank for payment. f. A book error caused the debits to be overstated by P120,000. g. The bank error caused the debits to be overstated by P90,000.

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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Prepare a bank reconciliation statement