The bank statement oT the Fast Company snows a balance of GHCT0,000 January 2019 whereas the company's cash book shows a balance of GHC8 following reasons have been identified for this discrepancy. 1) An amount of GHC822 sent to the bank for deposit on January 31, : not appear in the bank statement. 2) The following checks issued during the month of January have not cleared by the bank. Check No: 201, Issue date: 15 January 2015, Amount; GHC200; Check No: 212, Issue date: 19 January 2015, Amount; GHC20; Check No: 216, Issue date: 25 January 2015, Amount; GHC610; 3) A note receivable amounting to GHC1, 588 has been collected by b company. 4) The bank statement shows that interest amounting to GHC50 has b on average account balance during January. 5) The bank has charged GHC10 for the collection of a note. 6) A check of GHC100 deposited by the company has been charged ba 7) An amount of GHC25 has been deducted by bank as service charge month of January.
The bank statement oT the Fast Company snows a balance of GHCT0,000 January 2019 whereas the company's cash book shows a balance of GHC8 following reasons have been identified for this discrepancy. 1) An amount of GHC822 sent to the bank for deposit on January 31, : not appear in the bank statement. 2) The following checks issued during the month of January have not cleared by the bank. Check No: 201, Issue date: 15 January 2015, Amount; GHC200; Check No: 212, Issue date: 19 January 2015, Amount; GHC20; Check No: 216, Issue date: 25 January 2015, Amount; GHC610; 3) A note receivable amounting to GHC1, 588 has been collected by b company. 4) The bank statement shows that interest amounting to GHC50 has b on average account balance during January. 5) The bank has charged GHC10 for the collection of a note. 6) A check of GHC100 deposited by the company has been charged ba 7) An amount of GHC25 has been deducted by bank as service charge month of January.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a) Prepare an adjusted cash book for the month
b) Prepare a bank reconciliation statement .
c) Given your knowledge in bank reconciliation statement, do you think digital
banking products like SMS alert and e-statements have rendered the use of
bank reconciliation statement irrelevant? Discuss
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