PROBLEM 5: CLASSROOM ACTIVITIESACTIVITY #1: BANK RECONCILIATIONINSTRUCTIONS:1. Find a study partner.2. Imagine that youof you is thė accountant of ABC Co. and the other one is theaccountant of PIGGY Bank.and your study partner are accountants. One3. Answer the requirements below.Requirement (A): Record the transactions below in your respectivecompany's books.Transactions during the period:a. ABC Co. opened an account with PIGGY Bank.for an initialdeposit of P1,000,000.b. ABC Co. draws checks amounting to P254,321.PIGGY Bank encashes ABC's checks amounting to P220,320.000C. Bank Reconciliation145A PIGGY Bank receives P2,460,660 from ABC's customers.e ABC Co. collects P1,592,012 from customers and deposits thecollectionwithPIGGYBank.However, ABCCo.inappropriately records the collection and deposit asP1,952,012. The bank records the deposit at the correctamount.f. A P25,000 customer check included in the collections in (e)above is dishonored due to insufficiency of funds. ABC Co. isnot notified of the dishonor.g. PIGGY Bank pays ABC Co.'s utility biils of P1,602.h. ABC Co. deposits a P40,000 check at the end of the period. Thecheck clears the bank only in the next period.Requirement (B): Determine the difference between the reciprocalaccounts as of the end of the period.Requirement (C): Prepare the bank reconciliation.Requirement (D): Prepare the adjusting entry(ies) in ABC's books.ACTIVITY #2: BANK RECONCILIATIONABC Co. uses the imprest system. The following are excerpts fromlodger and from

Particular amount particular amount To cash 10,00,000 by creditors 2,54,321 To debtors…

PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study partner. 2. Imagine that you and your study partner are accountants. One of you is thė accountant of ABC Co. and the other one is the accountant of PIGGY Bank. 3. Answer the requirements below. Requirement (A): Record the transactions below in your respective company's books. 00 Transactions during the period: a. ABC Co. opened an account with PIGGY Bank.for an initial deposit of P1,000,000. b. ABC Co. draws checks amounting to P254,321. PIGGY Bank encashes ABC's checks amounting to P220,320. С.

PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #1: BANK RECONCILIATION INSTRUCTIONS: 1. Find a study partner. 2. Imagine that you and your study partner are accountants. One of you is thė accountant of ABC Co. and the other one is the accountant of PIGGY Bank. 3. Answer the requirements below. Requirement (A): Record the transactions below in your respective company's books. 00 Transactions during the period: a. ABC Co. opened an account with PIGGY Bank.for an initial deposit of P1,000,000. b. ABC Co. draws checks amounting to P254,321. PIGGY Bank encashes ABC's checks amounting to P220,320. С.

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.

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PROBLEM 5: CLASSROOM ACTIVITIES
ACTIVITY #1: BANK RECONCILIATION
INSTRUCTIONS:
1. Find a study partner.
2. Imagine that you
of you is thė accountant of ABC Co. and the other one is the
accountant of PIGGY Bank.
and your study partner are accountants. One
3. Answer the requirements below.
Requirement (A): Record the transactions below in your respective
company's books.
Transactions during the period:
a. ABC Co. opened an account with PIGGY Bank.for an initial
deposit of P1,000,000.
b. ABC Co. draws checks amounting to P254,321.
PIGGY Bank encashes ABC's checks amounting to P220,320.
000
C.

Bank Reconciliation
145
A PIGGY Bank receives P2,460,660 from ABC's customers.
e ABC Co. collects P1,592,012 from customers and deposits the
collection
with
PIGGY
Bank.
However, ABC
Co.
inappropriately records the collection and deposit as
P1,952,012. The bank records the deposit at the correct
amount.
f. A P25,000 customer check included in the collections in (e)
above is dishonored due to insufficiency of funds. ABC Co. is
not notified of the dishonor.
g. PIGGY Bank pays ABC Co.'s utility biils of P1,602.
h. ABC Co. deposits a P40,000 check at the end of the period. The
check clears the bank only in the next period.
Requirement (B): Determine the difference between the reciprocal
accounts as of the end of the period.
Requirement (C): Prepare the bank reconciliation.
Requirement (D): Prepare the adjusting entry(ies) in ABC's books.
ACTIVITY #2: BANK RECONCILIATION
ABC Co. uses the imprest system. The following are excerpts from
lodger and from

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Instructions: Prepare a bank reconciliation for Kali Loli from the following checkbook records and bank statement CHECKBOOK Check number 801 802 803 804 805 Date Description fo transaction 44835 H&H Jewelers 44840 Deposit 44842 L.L. Bean 44844 Cashe 44847 Deposit 44847 Four Seasons Hotel 44849 American Express 44854 ATM Withdrawal 44858 Deposit 44861 Deposit 44862 Home-Depot - Debit Card BANK STATEMENT Statement Date: Checking Account Summary: Account Number: Checking Account Transactions Date Amount 44837 44840 44844 44847 44849 44851 44856 44858 44862 44864 BANK RECONCILIATION Check book balance. Amount of payment or withdrawal Amount of deposit or interest Balance Forward 879.36 November 3, 2021 October 1- 31, 2021 449-56-7792 Previous Balance Deposits Number Total Credits ✓ Check Number Total Debits Current Balance → 879.36 3 1954.59 7 1347.83 1486.12 Description 236.77 Check # 801 450.75 Deposit 324.7 Returned item 880.34 EFT payroll deposit 75.89 Check #803 507.82 Check #805…