Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 3. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.

Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 3. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.

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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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

Prepare a bank reconciliation on 30 June 2016 based on
the information provided below. Show all your calculations.
The following information relates to the cash position of
Canada Ltd.
1.
Cash at Bank account balance on 30 June 2020:
$45 351 debit.
2.
Bank statement balance on 30 June 2020: $47 512
credit.
3.
On 30 June receipts amounting to $1 420 have not
been deposited.
Cheques issued but not presented total $3 268.
A $212 cheque was returned marked 'dishonored'
(NSF). The cheque had been received from B
Simpson, a new customer.
6.
4.
5.
A $550 deposit made by L. Rich was incorrectly
credited to the bank account of Canada.
7.
The bank statement shows that the bank has
charged the business's account with fees and charges
of $25.

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