Single Entry2872. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainlainthe accounts on the double entry system :Rs.Cash in handCash at bank3005,5005,6003,4574,057200StockDebtorsCreditorsFurnitureHis position at the end of the year was as follows:Rs.Cash in hand hbe YCash at bankStockDebtorsFurnitureCreditors3802,4004,6804,6202503,000ellDuring the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600.Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Moton(B.Com, M.K.U(Ans: Profit Rs. 3,900Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made @ 5%.From the following particulars of A ascertain the profit or loss made for the year ended December 31, 1998, anlate

The single entry system of accounting seems to be a type of bookkeeping whereby each accounting…

Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900

Single Entry 287 2. The following are the details as on Ist January, 1998 regarding the affairs of a retail trader who did not mainitain the accounts on the double entry system : Rs. Cash in hand Cash at bank Stock Debtors Creditors 300 5,500 5,600 3,457 4,057 200 Furniture His position at the end of the year was as follows: Rs. Cash in hand Cash at bank Stock Debtors Furniture Creditors 380 2.400 4,680 4,620 250 3,000 During the year, he withdrew Rs. 6,500 out of which he purchased a motor van for Rs. 5,600. Prepare a Statement on 31st December, 1998 showing his trade result. Provide depreciation on Furniture and Motor: Van e 10% on initial cost and write off Rs. 120 as bad debts. A provision for bad debts is to be made 5% (B.Com, M.K.U. (Ans: Profit Rs. 3,900

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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Long Branch Company's Cash account shows an ending balance of $650. The bank statement shows a $12 service charge and an NSF check for $200. A $270 deposit is in transit, and outstanding checks total $450. What is Long Branch's adjusted cash balance? A. $438 B. $470 OC. $258 D. $862 OOO
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The bank statement for ABC Corp. shows a balance of $14300. Use the following reconciling items to determine the company's adjusted (corrected) book balance. Outstanding checks: $600 Deposits in Transit: $590 Interest earned on deposits: $23 EFT's from ABC Corp Customers: $1370 Customer's check returned due to NSF: $1550 A
Required information Skip to question [The following information applies to the questions displayed below.]The August bank statement and cash T-account for Martha Company follow: BANK STATEMENT Date Checks Deposits Other Balance August 1 $ 13,600 August 2 $ 120 13,480 August 3 $ 9,300 22,780 August 4 220 22,560 August 5 160 22,400 August 9 530 21,870 August 10 130 21,740 August 15 3,100 24,840 August 21 220 24,620 August 24 15,500 9,120 August 25 5,650 14,770 August 30 620 14,150 August 30 Interest earned $ 20 14,170 August 31 Service charge 10 14,160 Cash (A) Debit Credit August 1 Balance 13,600 Deposits Checks written August 2 9,300 120 August 1 August 12 3,100 220 August 2 August 24 5,650 160 August 3 August 31 4,100 130 August 4 530 August 5 200 August 15 280 August 17 620 August 18 220 August 19…
3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)
A) $ 2,667 10) Counte Company's cash balance at the end of the month was $ 5,500. After comparing the company's records with the monthly bank statement, Counte's accountant identified the following reconciling items: outstanding checks, $ 900; deposits in transit, $ 600; bank service charge, $ 20; NSF check, $ 200. What is the adjusted bank balance? A) $5,280 B) $ 5,580 C) $4,980 D) The adjusted bank balance cannot be determined.