1 The cash account of Steve Limited Showed a balance of $16335 on December 30, 2022. The bankstatement as on that date showed a balance of $18, 086. After comparing the bank statementwith the cash records, the following information was determined: 1. The bank returned an NSFcheque in the amount of $239 that Steve has deposited on December 20. The cheque was apayment on a customer's account. 2. E -receipts from customers on account received are worth $2300. These receipts have not yet been recorded in the books of the company. 3. The bankissued a credit memo for $9 of interest earned on steve's account. 4. The bank issued a debitmemo for bank service charges of $37 which includes $10 for processing the NSF cheque. 5. Thecompany made an error in recording a customer's deposit. The company recorded the paymenton account as $209 when it should have been recorded as $290. The bank statement correctlyrecords the deposit as $290. 6. Deposit in transit at the end of month is $3643. 7. Outstandingcheques written in the month of December amounts $3,000. Cheques still outstanding from themonth of November amounts to $280. Using above information, prepare a bank reconciliationstatement as on September 30, 2022.

Lets understand the basics.Bank reconciliation statement prepares in order to reconcile balance…

The cash account of Steve Limited Showed a balance of $16335 on December 30, 2022. The bank statement as on that date showed a balance of $18, 086. After comparing the bank statement with the cash records, the following information was determined: 1. The bank returned an NSF cheque in the amount of $239 that Steve has deposited on December 20. The cheque was a payment on a customer's account. 2. E - receipts from customers on account received are worth S 2300. These receipts have not yet been recorded in the books of the company. 3. The bank

The cash account of Steve Limited Showed a balance of $16335 on December 30, 2022. The bank statement as on that date showed a balance of $18, 086. After comparing the bank statement with the cash records, the following information was determined: 1. The bank returned an NSF cheque in the amount of $239 that Steve has deposited on December 20. The cheque was a payment on a customer's account. 2. E - receipts from customers on account received are worth S 2300. These receipts have not yet been recorded in the books of the company. 3. The bank

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

The cash account of Steve Limited Showed a balance of $16335 on December 30, 2022. The bank
statement as on that date showed a balance of $18, 086. After comparing the bank statement
with the cash records, the following information was determined: 1. The bank returned an NSF
cheque in the amount of $239 that Steve has deposited on December 20. The cheque was a
payment on a customer's account. 2. E -receipts from customers on account received are worth $
2300. These receipts have not yet been recorded in the books of the company. 3. The bank
issued a credit memo for $9 of interest earned on steve's account. 4. The bank issued a debit
memo for bank service charges of $37 which includes $10 for processing the NSF cheque. 5. The
company made an error in recording a customer's deposit. The company recorded the payment
on account as $209 when it should have been recorded as $290. The bank statement correctly
records the deposit as $290. 6. Deposit in transit at the end of month is $3643. 7. Outstanding
cheques written in the month of December amounts $3,000. Cheques still outstanding from the
month of November amounts to $280. Using above information, prepare a bank reconciliation
statement as on September 30, 2022.

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