PROBLEM NO. 2 Shown below is the bank reconciliation for ABC Company for November 2020: Balance per bank, Nov. 30, 2020 Add: Deposits in transit Total P150,000 24,000 174,000 Less: Outstanding checks P28,000 10.000 Bank credit recorded in error 38,000 P136,000 Cash balance per books, Nov. 30, 2020 The bank statement for December 2020 contains the following data: P110,000 Total deposits Total charges, including an NSF check of P8,000 and a service charge of P400 96,000 All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in December 2020.

PROBLEM NO. 2 Shown below is the bank reconciliation for ABC Company for November 2020: Balance per bank, Nov. 30, 2020 Add: Deposits in transit Total P150,000 24,000 174,000 Less: Outstanding checks P28,000 10.000 Bank credit recorded in error 38,000 P136,000 Cash balance per books, Nov. 30, 2020 The bank statement for December 2020 contains the following data: P110,000 Total deposits Total charges, including an NSF check of P8,000 and a service charge of P400 96,000 All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in December 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…

A: Bank reconciliation statement refers to a reconciliation between the entries entered in the cash…

Q: The following information is available for Lemonaid Co. for June 30, 2020: The bank statement…

A: Bank reconciliation statement is the statement which is prepared to reconcile or rectify the error…

Q: [The following information applies to the questions displayed below.] The December bank statement…

A: Working Note; Outstanding checks = 50+5700 = 5750

Q: Prepare a bank reconciliation at July 31.

A: Certain transactions are not reflected in bank statement on real time basis as the banks time to…

Q: Get the Answer

A: Step 1: Define Bank Reconciliation StatementA bank reconciliation statement is a statement prepared…

Q: Question. At April 30, Kessler Company has the following bank information: Cash balance per bank…

A: INTRODUCTION: The accounting technique known as the "adjusted balance method" bases finance charges…

Q: At April 30, Marigold Company has the following bank information: cash balance per bank $2360;…

A: Lets undertand the basics.Bank reconciliation statement is prepared by entity in order to reconcile…

Q: Bentilador Mo Co. gathered the following information In reconciling the cash balance on December 31,…

A: A reconciliation statement must account for all fees assessed by a bank on an account. The balance…

Q: The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the…

A: Cash Received from Financing of Receivables: It is the cash or money that the firm will receive from…

Q: ash Date Debit Credit Balance 10/1/2020 Beginning Balance 8,259.86 10/1/2020 Ck…

A: A bank reconciliation statement is a statement that is prepared to reconcile the bank balance as per…

Q: Accounting Question

A: The question is based on the concept of Financial Management.

Q: At August 31, 2025, Sage Hill Nail Bar has this bank information: cash balance per bank $10,790,…

A: Lets understand the basics.Bank reconciliation statement is prepare to reconcile the balance as per…

Q: Waterway, Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement,…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as…

A: Bank reconciliation needs to be prepared to reconcile and find the causes of difference between the…

Q: In examining the records of ABC Company on December 31, 2021, the following data are gathered:…

A: Solution: Adjusted cash balance = balance per books - bank charges + customer note collected by bank…

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

100%

PROBLEM NO. 2
Shown below is the bank reconciliation for ABC Company for November 2020:
Balance per bank, Nov. 30, 2020
Add: Deposits in transit
Total
Less: Outstanding checks
P150,000
24,000
174,000
P28,000
10.000
Bank credit recorded in error
38,000
P136,000
Cash balance per books, Nov. 30, 2020
The bank statement for December 2020 contains the following data:
P110,000
Total deposits
Total charges, including an NSF check of P8,000 and a
service charge of P400
96,000
All outstanding checks on November 30, 2020, including the bank credit, were cleared in the bank in
December 2020.
There were outstanding checks of P30,000 and deposits in transit of P38,000 on December 31,
2020.
Questions:
Based on the above, answer the following:
A. How much is the cash balance per bank on December 31, 2020?
B. How much is the cash balance per books on December 31, 2020?
C. The adjusted cash in bank balance as of December 31, 2020?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The ending bank statement balance at November 30 is $6,850. The bank statement shows a service charge of $85, electronic funds receipts of $500, and a NSF check for $350. Deposits in transit total $2,350 and outstanding checks are $1,535. The balance per books at November 30 is $7,600. What is the adjusted bank balance at November 30? A. $8,415 B. $6,915 C. $6,850 D. $7,665
Use the information taken from BM traders to complete the following: 1. the cash book receipts and cash book payments for july 2019
3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
Please solve the
What is the cash balance per books at November 30, 2021?
Prepare a bank reconciliation statement
The following information is available for Mouse Inc. for the current month: Company records balance, end of the month $16,725 Outstanding checks $1,752 Deposits in transit $7,500 Service Charges $225 Interest Revenue $75 What is the adjusted company balance on the bank reconciliation? Group of answer choices $22,473 $16,575 $22,623 $22,323
The bank column in the cash book for December 2020 and the bank statement for that month for King Trading are as follows: Cash Book (Bank Account only) 2020 RM 2020 RM Dec 6 Peypei 230 20 Ceria 265 31 Baiti 325 31 Balance c/d 1,682 2,502 Dec 1 Balance b/d 1,900 10 Luna 304 19 Wilson 261 29 Cikmah 37 2,502 Bank Statement Date Items Debit Credit Balance Dec 1 Balance 1,900 6 Cheque 230 1,670 13 Luna 304 1,974 20 Cheque 265 1,709 22 Wilson 261 1,970 30 Tox:Standing Order 94 2,064 31 Rina:Trader’s Credit 102 1,962 31 Bank charges 72 2,034 Required: a) Prepare the updated cashbook. b) Prepare the bank reconciliation statement as at 31 December 2020
Please Need Correct answer