Q.2 ABC Co. reports the following information concerning cash balances and cash trausactions for the month of September: 1.Cash balance per bank statement as of September 30 was Rs.20,893.25. 2.Two debit memoranda accompanied the bank statement: one for Rs. 10 was for service charges for the month; the oher for Rs.64.60 was attached to an NSF check from A.Smith. 3.Included with the bank statement was Rs.69 credit memorandum for interest carned on the bank account ia September. 4.The paid checks retumed with the September bank statement disclosed an error in Co's cash records. Check no. 851 for Rs.77.44 for telephone expense had erroneously been listed in the cash payments journal as Rs.44.77. 5.A collection charge for Rs.26.00 was erroneously deducted from the account by the bank. Notice that this was the bank's sIror.

Q.2 ABC Co. reports the following information concerning cash balances and cash trausactions for the month of September: 1.Cash balance per bank statement as of September 30 was Rs.20,893.25. 2.Two debit memoranda accompanied the bank statement: one for Rs. 10 was for service charges for the month; the oher for Rs.64.60 was attached to an NSF check from A.Smith. 3.Included with the bank statement was Rs.69 credit memorandum for interest carned on the bank account ia September. 4.The paid checks retumed with the September bank statement disclosed an error in Co's cash records. Check no. 851 for Rs.77.44 for telephone expense had erroneously been listed in the cash payments journal as Rs.44.77. 5.A collection charge for Rs.26.00 was erroneously deducted from the account by the bank. Notice that this was the bank's sIror.

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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