Jane Company provided the following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including 8,000,000 1,200,000 1,500,000 150,000 interest of P100,000 1,100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording the check in the book. The correct amount 20,000 500,000 as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000 Saving deposit in other bank closed by BSP Currency and coins on hand 1,000,000 900,000

Jane Company provided the following information at month-end: Cash in bank per bank statement Deposit in transit Outstanding checks, including certified check of P200,000 Amount erroneously credited by bank to Jane's account Note collected by bank for Jane Company, including 8,000,000 1,200,000 1,500,000 150,000 interest of P100,000 1,100,000 Service charge for the current month NSF checks of customers returned by bank Error in recording the check in the book. The correct amount 20,000 500,000 as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000 Saving deposit in other bank closed by BSP Currency and coins on hand 1,000,000 900,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11EA: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Jane Company provided the following information at month-end:
Cash in bank per bank statement
Deposit in transit
Outstanding checks, including certified check of P200,000
Amount erroneously credited by bank to Jane's account
Note collected by bank for Jane Company, including
8,000,000
1,200,000
1,500,000
150,000
interest of P100,000
Service charge for the current month
NSF checks of customers returned by bank
1,100,000
20,000
500,000
Error in recording the check in the book. The correct amount
as paid by the bank is P100,000 instead of P200,000
as recorded in the book
100,000
Saving deposit in other bank closed by BSP
Currency and coins on hand
Petty cash fun
What is the adjusted cash in bank at month-end?
1,000,000
900,000
50,000

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