Problem 2. In connection with your audit of Caloocan Corporation for the year ended December 31, 2020, you gathered the following: Current account at Metrobank P2,000,000 Current account at BPI (100,000) Payroll account 500,000 Foreign bank account-restricted (in equivalent pesos) 1,000,000 Postage stamps 1,000 Employee's post-dated check 4,000 IOU from controller's sister 10,000 Credit memo from a vendor for a purchase return 20,000 Traveler's check 50,000 Not-sufficient-funds check 15,000 Money order 30,000 Petty cash fund (P4,000 in currency and expenses receipts for P6,000) 10,000 Treasury bills, due 3/30/21(purchased 12/29/20) 200,000

Problem 2. In connection with your audit of Caloocan Corporation for the year ended December 31, 2020, you gathered the following: Current account at Metrobank P2,000,000 Current account at BPI (100,000) Payroll account 500,000 Foreign bank account-restricted (in equivalent pesos) 1,000,000 Postage stamps 1,000 Employee's post-dated check 4,000 IOU from controller's sister 10,000 Credit memo from a vendor for a purchase return 20,000 Traveler's check 50,000 Not-sufficient-funds check 15,000 Money order 30,000 Petty cash fund (P4,000 in currency and expenses receipts for P6,000) 10,000 Treasury bills, due 3/30/21(purchased 12/29/20) 200,000

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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Part ii. Prepare the journal entries resulting from the bank reconciliation
B. Problem (please refer to the picture.)
16. In an audit of Mindanao Company on December 31, 20XX, the following data are gathered: Balance per book, P1,000,000 Bank charges, P3,000 Outstanding checks, P235,000 Deposit in transit, P300,000 Customer note collected by bank, P375,000 Interest on customer note, P15,000 Customer check returned, NSF, P62,000 Depositor's note charged to account, P250,000 What is the adjusted cash in bank on December 31, 20XX?
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
Prepare a bank reconciliation statement
In the course of your company's audit to BLACKPINK CORPORATION'S cash in bank for the year ended December 31, 2026, you ascertained the following information: NOVEMBER 30 DECEMBER 31 Cash per book 60,350 ? Cash per bank statement 535,410 689,085 Undeposited Checks 41,005 64,400 Outstanding checks 138,590 150,560 Insufficient fund check - 41,250 Bank service charges 3,600 3,000 Company's notes receivable collected by bank 359,075 404,500 The bank statement and the company's records shows the following totals: Cash disbursements per bank statement 1,091,865 Cash receipts per cash records ? Cash disbursements per cash records ? Cash receipts pre bank statement 1,245,540 Additional information: 1. The insufficient fund check was redeposited in the same month. No entries are made to take up the return and redeposit? 2. A P50,000 bank charge error in November was corrected by the bank in December, while a P20,000 deposit of the house-boy corporation was…
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Problem Solving. Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.
The Treasurer for Marvel Inc., was preparing a bank reconciliation statement as of September 30, 2020. The following were identified: Marvel Inc., book balance =$37,200 Deposit in Transit = $6,200 Outstanding checks = $1,100 Interest earned on checking account =$200 Customer NSF check returned by bank =$600 Find out the adjusted cash balance as at September 30, 2020.
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In the course of your company's audit to BLACKPINK CORPORATION'S cash in bank for the year ended December 31, 2026, you ascertained the following information: NOVEMBER 30 DECEMBER 31 Cash per book 60,350 ? Cash per bank statement 535,410 689,085 Undeposited Checks 41,005 64,400 Outstanding checks 138,590 150,560 Insufficient fund check - 41,250 Bank service charges 3,600 3,000 Company's notes receivable collected by bank 359,075 404,500 The bank statement and the company's records shows the following totals: Cash disbursements per bank statement 1,091,865 Cash receipts per cash records ? Cash disbursements per cash records ? Cash receipts pre bank statement 1,245,540 Additional information: 1. The insufficient fund check was redeposited in the same month. No entries are made to take up the return and redeposit? 2. A P50,000 bank charge error in November was corrected by the bank in December, while a P20,000 deposit of the house-boy corporation was…