Question 2:- On 31/12/2012, the books of Al-Najee Company showed the balance amount of 512000, and the statement received from the bank amount of 555000, and after examining the company's books, it was found that the reasons for the differences between the two balances are as follows: 1. Deposits in transit of 18000 were deposited by the company but they did not appear in the bank statement. 2. Pay error 5000 3. The company's accountant discovered that he had made a mistake in registering a check, as it was recorded in the books in the amount of 13800, while the check was written and paid from the bank correctly in the amount of 6100. 4. There are checks drawn to creditors during the month are not presented for exchange, an amount 45000. 5. The bank collected the interest of bonds owned by the company deposited in the bank an amount of 13500. 6. Bank expenses and commissions the amounted of 200. Required: Prepare the Bank reconciliation statement
Question 2:- On 31/12/2012, the books of Al-Najee Company showed the balance amount of 512000, and the statement received from the bank amount of 555000, and after examining the company's books, it was found that the reasons for the differences between the two balances are as follows: 1. Deposits in transit of 18000 were deposited by the company but they did not appear in the bank statement. 2. Pay error 5000 3. The company's accountant discovered that he had made a mistake in registering a check, as it was recorded in the books in the amount of 13800, while the check was written and paid from the bank correctly in the amount of 6100. 4. There are checks drawn to creditors during the month are not presented for exchange, an amount 45000. 5. The bank collected the interest of bonds owned by the company deposited in the bank an amount of 13500. 6. Bank expenses and commissions the amounted of 200. Required: Prepare the Bank reconciliation statement
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Transcribed Image Text:Question 2:-
On 31/12/2012, the books of Al-Najee Company showed the balance
amount of 512000, and the statement received from the bank amount of
555000, and after examining the company's books, it was found that the
reasons for the differences between the two balances are as follows:
1. Deposits in transit of 18000 were deposited by the company but
they did not appear in the bank statement.
2. Pay error 5000
3. The company's accountant discovered that he had made a mistake
in registering a check, as it was recorded in the books in the
amount of 13800, while the check was written and paid from the
bank correctly in the amount of 6100.
4. There are checks drawn to creditors during the month are not
presented for exchange, an amount 45000.
5. The bank collected the interest of bonds owned by the company
deposited in the bank an amount of 13500.
6. Bank expenses and commissions the amounted of 200.
Required:
Prepare the Bank reconciliation statement
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