Prepare a Bank Reconciliation Statement using:a. Adjusted Balance Methodb. Book to Bank Methodc. Bank to Book Method 1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April30,2015.On this date the balance of cash per books is P11,589.45.Additional information is provided below:Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40Outstanding checks: No. 453-P3,000.00No. 457-P1,401.30No. 460-P1,502.70Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount.However, he recorded the check as P1,262.00.Bank memoranda:Debit- NSF check from Pedro P425.60Debit- Charge for printing company checks P30.00Credit - Collection of note receivable for P1,000 plus interest earned of P50,less bank collection fee of P15.00.

Bank reconciliation statement is a statement prepared to reconcile or agree the bank balance as…

Answered: Prepare a Bank Reconciliation Statement…

Business

Accounting

Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method c. Bank to Book Method

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 Statement using:

a. Adjusted Balance Method

b. Book to Bank Method

c. Bank to Book Method

1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April
30,2015.
On this date the balance of cash per books is P11,589.45.
Additional information is provided below:
Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40
Outstanding checks: No. 453-P3,000.00
No. 457-P1,401.30
No. 460-P1,502.70
Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount.
However, he recorded the check as P1,262.00.
Bank memoranda:
Debit- NSF check from Pedro P425.60
Debit- Charge for printing company checks P30.00
Credit - Collection of note receivable for P1,000 plus interest earned of P50,
less bank collection fee of P15.00.

Definition Definition Document prepared to identify any discrepancies between the passbook, which logs bank transactions, and the cash book, where a business tracks its own cash and bank transactions, so that corrective measures may be taken to reconcile the differences.

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