The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May 2021. On this date the balance of cash per book is RM34,496.90. A comparison of the bank statement with the general ledger cash account, No. 101 reveals the following: a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was received by bank on 1 June 2021. b) Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375: RM2,367. c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550. d) i. Debit memo - for the NSF check received from Chengal Jaya Enterprise for There are a few bank memoranda received: RM1,052.60. ii. Credit memo – collection of note receivable for RM2,020 plus interest earned RM50. iii. Credit memo – bank interest RM78. iv. Debit memo – service charge RM70. e) The rental expenses for the premises were made monthly for RM1,000 via electronic transfer. ) The 31 May 2021 cash receipts, RM2,750 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the 31 May 2021 bank statement. g) A customer's note for RM1,800 was collected by the bank. A collection fee of RM50 was deducted by the bank and the difference was deposited in the account. REQUIRED: Prepare a bank reconciliation statement for Meranti Development Bhd as of 31 May 2021.
The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May 2021. On this date the balance of cash per book is RM34,496.90. A comparison of the bank statement with the general ledger cash account, No. 101 reveals the following: a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was received by bank on 1 June 2021. b) Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375: RM2,367. c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550. d) i. Debit memo - for the NSF check received from Chengal Jaya Enterprise for There are a few bank memoranda received: RM1,052.60. ii. Credit memo – collection of note receivable for RM2,020 plus interest earned RM50. iii. Credit memo – bank interest RM78. iv. Debit memo – service charge RM70. e) The rental expenses for the premises were made monthly for RM1,000 via electronic transfer. ) The 31 May 2021 cash receipts, RM2,750 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the 31 May 2021 bank statement. g) A customer's note for RM1,800 was collected by the bank. A collection fee of RM50 was deducted by the bank and the difference was deposited in the account. REQUIRED: Prepare a bank reconciliation statement for Meranti Development Bhd as of 31 May 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10
on 31 May 2021. On this date the balance of cash per book is RM34,496.90. A comparison of
the bank statement with the general ledger cash account, No. 101 reveals the following:
a) The amount of RM4,464.80 has been deposited to bank on 31 May 2021 which was
received by bank on 1 June 2021.
b) Outstanding checks identified: No. 321: RM4,410, No. 330: RM2,802.60 and No. 375:
RM2,367.
c) Mr. Zubair, the account executive, wrote a check no.123 for RM1,505 and the bank
correctly paid the amount. However, Mr. Zubair recorded the check as RM1,550.
d)
i. Debit memo - for the NSF check received from Chengal Jaya Enterprise for
There are a few bank memoranda received:
RM1,052.60.
ii. Credit memo – collection of note receivable for RM2,020 plus interest earned RM50.
iii. Credit memo – bank interest RM78.
iv. Debit memo – service charge RM70.
e) The rental expenses for the premises were made monthly for RM1,000 via electronic
transfer.
f) The 31 May 2021 cash receipts, RM2,750 were placed in the bank's night depository after
banking hours on that date and this amount did not appear on the 31 May 2021 bank
statement.
g) A customer's note for RM1,800 was collected by the bank. A collection fee of RM50 was
deducted by the bank and the difference was deposited in the account.
REQUIRED:
Prepare a bank reconciliation statement for Meranti Development Bhd as of 31 May 2021.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education