Kindly review my answer agaisnt the question attached on General ledger T Accounts and please let me know if any corrections are to be done
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Kindly review my answer agaisnt the question attached on General ledger T Accounts and please let me know if any corrections are to be done
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- On 30 June 2023, Maximo’s cash book showed that he had an overdraft of K300 on his current account at the bank. A bank statement as at the end of June 2023 showed that Maximo was in credit with the bank by K65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to K500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to K400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Maximo the bank had transferred interest received on his deposit account amounting to K60 to his current account, recording the transfer on 5 July 2023. This amount had, however, been credited in the cash book as on 30 June 2023. (d) Bank charges of K35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by K10. (f) Dividends received amounting to K200 had been paid direct to the bank and not…2. At 31 March 2019, the cash book of Company 2 showed a debit balance of £56. An examination of the bank statements and the accounting records of the company revealed the following: On 30 March 2019, the bank wrote to Company 2 stating that a cheque of £360 received from a customer and banked on 25 March 2019 had bounced and had been dishonoured. This letter was only received by Company 2 on 2 April 2019. Bank charges of £460 appeared on the bank statement on 30 March 2019 but the company was unaware of this transaction. Receipts of £9,215 banked on 31 March 2019 were not cleared through the banking system until April 2019, while payments totalling £19,401, issued by the company in March 2019 were also not cleared through the banking system until April 2019. What was the balance appearing on the bank statement at 31 March 2019? A B C D £9,422 £(10,950) £9,310 £10,1425) Marc Company's checkbook balance at December 31, 2021 was P123,450. In addition, Marc held the following items in its safe on that date: Page 1 of 3 Check payable to Marc, deposited December 15 and included in December 31 checkbook balance, but returned by the bank on December 31 stamped "NSF". The check was redeposited on January 2, 2022 and cleared on January 9, 2022 Check payable to Marc dated January 2, 2022 in payment of a sale made in December 12,500 2021, not included in December 31 checkbook balance 15,000 Check draw on Marc's account, payable to a vendor, dated and recorded in Marc's books on December 31, but not mailed until January 10, 2022 8,275 What is the amount of cash in Marc's December 31, 2021 statement of financial position? A. 127,675 B. 123,450 C. 119,225 D. 134,225
- The following information has been extracted from the accounting records a bank statement of ABCJM Ltd as at 31 January 2019: Closing Balance shown on the Bank Statement Cash Receipts of 31 January which deposited on 30 January did not appear on the bank statement Cheques recorded in the cash payments but not yet presented For payment to the Bank Prepare a bank reconciliation statement as at 31 January. $11 450 CR 5,500 3 550Nose Mask Ltd (Nose Mask) is preparing his bank reconciliation at 31st May 2019. His bank statement balance failed to agree with the cash book balance. His bank statement shows a balance of GH₵684 cash at the bank.After investigation the following were revealed;a. The following cheques have not yet been presented at the bank. These are:Cheque No. GH₵ 956784........1,875 956892........978 958452.........1,407 958541.........366 958668..........261 4,887b. Cheque number 958602 was incorrectly recorded in Nose Mask's cash book as GH₵1,140. The cheque was correctly debited on the bank statement on 2nd May as GH₵1,005.c. Bank charges of GH₵1,149 were debited by the bank on 4th May.d. A customer's cheque for GH₵960 was returned by Nose Mask's bank in May as the customer had insufficient funds in his account. Nose Mask has not recorded…One of the checks returned on January 15, 2022, dated December 31, 2021 for P2,000.00, for a 2021 operating expenses, was actually not written until January 3, 2022. This check appeared as one of the outstanding checks in the company’s bank reconciliation as at December 31, 2021. Requirement: Prepare adjusting entries
- Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held the following items in its safe on that date.*Check payable to Merry Company amounting to P65,000 dated January 2, 2022 in payment of a sale made in December 2021, was included in December 31 checkbook balance.*Check payable to Merry Company was deposited on December 15, but returned by the bank on December 22 stamped "DAIF." The check was redeposited by Merry Company on December 27, 2021. No entry was made in the books to record the return and the redeposit of this P20,000 check.*Check drawn on Merry Company's account, payable to a vendor, was dated and recorded on December 28. This check amounting to P15,000, however, was not yet mailed to the payee as of December 31, 2021.What is the correct amount shown as Cash on Merry Company's December 31, 2021 statement of financial position?On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,316. The balance shown on the bank statement on the same date was $13,217. Notes The firm’s records indicate that a $1,490 deposit dated August 30 and a $705 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $340 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.) The following checks were issued but have not yet been paid by the bank: Check 712, $ 114 Check 713, $ 129 Check 716, $ 242 Check 736, $ 581 Check 739, $ 82 Check 741, $ 124 A credit memorandum shows that the bank collected a $2,104 note receivable and interest of $67 for the firm. These amounts have not yet been entered in the firm’s records. Required: Prepare a bank reconciliation statement for the firm as of August 31. Record…Nasser who is maintaining current account in Bank Sohar, Nizwa Souq branch drew a cheque in the name of Mr. Ameen for RO. 5500, he mentioned the date of 27th June, 2021 and it was presented to him on 28th June, 2021. Mr. Ameen has transferred that cheque to Mr. Talal by writing Mr. Talal’s name and making a signature on the back of it. From the above scenario, Explain the parties to a cheque by mentioning their names.
- The 31 August 2021 bank statement of Bach Ltd has just arrived from United Bank. To prepare Bach’s bank reconciliation, you gather the following data: a) Bach’s Cash account has a balance of $2,900 on 31 August. b) The bank statement includes two dishonoured cheques from customers: B. Smith, $400 and A. Green, $110. c) The following cheques appear in the cash payments journal of Bach but have not yet been cleared by the bank at 31 August: Cheque no. Amount 237 $190 288 170 291 520 294 630 d) Bach collects from a few customers by EFT. The August bank statement lists a $1,300 EFT deposit for a collection on account. e) The bank statement includes two special deposits that Bach hasn’t recorded yet: $970 for dividend revenue, and $80 interest revenue which Bach earned on its bank balance during August. f) The bank statement lists a $30 bank service charge and a $15 excess transaction…At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in…DMCI Holdings, Inc. shows the following account balance in their financial records as ofDecember 31, 2019:Checking account at Manila bank, (P40, 000); Checking account at land Bank, P1, 000, 000;Payroll account National Bank, P200, 000; Foreign bank account-restricted, P1, 500, 000;Postage stamps, P44, 660; Employees post-dated checks, P60, 000; I.O.U. from president’sbrother, P150, 000; traveler’s check, P100, 000; DAUD checks, P36, 000; Petty cash fund (P32,000 in currency & expenses receipts for P168, 000), P200, 000; and Cashier’s checks, P72,000. The correct cash balance to be reported in the balance sheet of DMCI on December31,2019 is ________.a.P1, 572, 000 b. P1, 682, 000 c. P1, 440, 000 d. P1,404,000