Prepare the bank reconcilation statement (Format in the picture added) The folowing show the cash book and bank statement respectively for Material Plus Co. Ltd forAugust 31, 2011.DateDetailsFoliAmountDateDetailsFolioAmount2011AugIAug 3Balancebf8 100June IV. NelsonS00Peter Lucas5 300Aug 4Aug 11Aug 14Aug 19Aug 22Aug 25Aug 27Aug 31Materials & More300Aug 6Aug 16Aug 20Aug 31Trevor MillerSalesGeorge LeeLenna Smith2 0003 5004 7003 050Fagan RayJay's GarmentsSandra HenryPerfect Wear LadY WillisAndrew CollinsBalance54029007508801 90018 59026 650cid26 650Sept IBalanceb'd18 590Cash Book for Material PlusDateug !Aug 4Aug 4Aug 13Aug 14 Trevoc MillerAug 20 LodgmentsAug 24DetailsDebitCreditBalanceBalancePeter LucasMaterial & More5 30013 40013 10012 56014 56019 26017 470300Fagan Ray5402 000700Standing Order -insuranceI 790Aug 26Aug 30June 20 Trader's CroditBank Statement for Material PlusPerfect Wear Ltd29017 180| 16 81517 760Bank charges365945Bank Reconciliation Statement as at August 31, 2011DetailsBalance as per updated Cash bookAdd Unpresented ChequesLess Late lodgementsBalance as per bank statementBank Reconciliation Statement as at August 31, 2011DetailsBalance as per bank statementAdd Late lodgementsLess Unpresented ChequesBalance as per updated Cash book

The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

The following show the cash book and hank statement respectively for Material Plus Co. Lid for August 31, 2011. Date Details Foli Amount Date Details Folio Amount V. Nelson 500 2011 Aug1 Aug 3 Aug 6 Aug 16 Aug 20 Aug 31 Balance bf 8100 June I 5 300 Materials& More Fagan Ray Jay's Garments Sandra Henry Perfect Wear Lad Y Willis Peter Lucas 300 Aug 4 Aug 11 Aug 14 Aug 19 |Aug 22 Aug 25 Aug 27 |Andrew Collins Aug 31 Trevor Miller Sales George Lee Lenna Smith 2000 3 500 4 700 3 050 540 2 900 750 290 880 1900 18 590 26 650 Balance Sept I 26650 18590 Balance bd Cash Book for Material Plus |Credt. Date Aug 1 Aug 4 Aug 4 Aug 13 Aug 14 Trevor Miller Aug 20 Aug 24 |Balance 8100 13 400 13 100 12 560 14 560 19 260 17 470 Details Debit Balance Peter Lucas Material & More Fagan Ray 5 300 300 540 | 2 000 4 700 Lodgments Standing Order- insurance Perfect Wear Ltd Bank charges 1 790 Aug 26 Aug 30 June 20 Trader's Crodit Bank Statement for Material Plus 17 180 16 815 17 760 290 365 945

The following show the cash book and hank statement respectively for Material Plus Co. Lid for August 31, 2011. Date Details Foli Amount Date Details Folio Amount V. Nelson 500 2011 Aug1 Aug 3 Aug 6 Aug 16 Aug 20 Aug 31 Balance bf 8100 June I 5 300 Materials& More Fagan Ray Jay's Garments Sandra Henry Perfect Wear Lad Y Willis Peter Lucas 300 Aug 4 Aug 11 Aug 14 Aug 19 |Aug 22 Aug 25 Aug 27 |Andrew Collins Aug 31 Trevor Miller Sales George Lee Lenna Smith 2000 3 500 4 700 3 050 540 2 900 750 290 880 1900 18 590 26 650 Balance Sept I 26650 18590 Balance bd Cash Book for Material Plus |Credt. Date Aug 1 Aug 4 Aug 4 Aug 13 Aug 14 Trevor Miller Aug 20 Aug 24 |Balance 8100 13 400 13 100 12 560 14 560 19 260 17 470 Details Debit Balance Peter Lucas Material & More Fagan Ray 5 300 300 540 | 2 000 4 700 Lodgments Standing Order- insurance Perfect Wear Ltd Bank charges 1 790 Aug 26 Aug 30 June 20 Trader's Crodit Bank Statement for Material Plus 17 180 16 815 17 760 290 365 945

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 9MCQ: Refer to the information for Cornett Company above. What amount should Cornett report on its...

See similar textbooks

Related questions

Q: When the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank…

A: Lets understand the basics. Bank reconciliation is as name suggest reconcile the balance as per bank…

Q: Which of the following items is added to the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: On a bank reconciliation, which of the following is added to the balance per book? Interest earned…

A: In order to make sure that their bank records—bank statements—and their own accounting…

Q: The amount of the outstanding checks is included on the bank reconciliation as a(n)

A: BRS: Bank reconciliation statement is a report that summarizes the banking and business activity…

Q: Try It! For each of the following items, determine whether the item would be: a. added to the bank…

A: 11. Interest revenue earned Is not adjusted in bank balance They are adjusted in the books. 12.…

Q: Explain the steps of bank reconciliation in Accounting.

A: A statement that is prepared to identify the reasons for the difference and to reconcile the…

Q: answer this questions

A: Question: What does NSF stand for in accounting?NSF in Accounting:NSF stands for Non-Sufficient…

Q: Which of the following are found on the bank side of the bank reconciliation? Group of answer…

A: The bank reconciliation statement is prepared at a specific interval, Where the balance of books is…

Q: Explain

A: Question 1)An NSF fee stands for Non-Sufficient Funds fee. It's a penalty charged by your bank when…

Q: A bank's required reserve ratio is equal to: Checkable Deposits/Required Reserves Net Worth/Assets…

A: In the context of the given question, we are required to explain the required reserve ratio which is…

Q: What is meant by Bank Reconciliation? Who made it and when was it made?

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: A company repays its bank borrowings. The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting?…

A: Answer:- Internal control meaning:- Internal control is a procedure implemented by a company's…

Q: journal entries that should be made as a result of the bank reconciliation

A: General JournalDebitCreditOffice expenses31 Cash31(To record service charges deducted by bank)

Q: Identify whether each of the following items would be (a) added to the book balance, (b) deducted…

A: Deposits in transit and outstanding checks are adjusted in the bank balance. Bank service charge,…

Q: After preparing a bank reconciliation, journal entries are necessary to record Bank service…

A: Bank reconciliation statement is used to determine the differences between the bank statement…

Q: In a bank reconciliation, interest revenue earned on your bank balance isa. added to the book…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: bank reconciliatio

A: Bank reconciliation statment is the account that is prepared by the company when the balace of cash…

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

Prepare the bank reconcilation statement (Format in the picture added)

The folowing show the cash book and bank statement respectively for Material Plus Co. Ltd for
August 31, 2011.
Date
Details
Foli
Amount
Date
Details
Folio
Amount
2011
AugI
Aug 3
Balance
bf
8 100
June I
V. Nelson
S00
Peter Lucas
5 300
Aug 4
Aug 11
Aug 14
Aug 19
Aug 22
Aug 25
Aug 27
Aug 31
Materials & More
300
Aug 6
Aug 16
Aug 20
Aug 31
Trevor Miller
Sales
George Lee
Lenna Smith
2 000
3 500
4 700
3 050
Fagan Ray
Jay's Garments
Sandra Henry
Perfect Wear Lad
Y Willis
Andrew Collins
Balance
540
2900
750
880
1 900
18 590
26 650
cid
26 650
Sept I
Balance
b'd
18 590
Cash Book for Material Plus
Date
ug !
Aug 4
Aug 4
Aug 13
Aug 14 Trevoc Miller
Aug 20 Lodgments
Aug 24
Details
Debit
Credit
Balance
Balance
Peter Lucas
Material & More
5 300
13 400
13 100
12 560
14 560
19 260
17 470
300
Fagan Ray
540
2 000
700
Standing Order -
insurance
I 790
Aug 26
Aug 30
June 20 Trader's Crodit
Bank Statement for Material Plus
Perfect Wear Ltd
290
17 180
| 16 815
17 760
Bank charges
365
945
Bank Reconciliation Statement as at August 31, 2011
Details
Balance as per updated Cash book
Add Unpresented Cheques
Less Late lodgements
Balance as per bank statement
Bank Reconciliation Statement as at August 31, 2011
Details
Balance as per bank statement
Add Late lodgements
Less Unpresented Cheques
Balance as per updated Cash book

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

In reviewing the Accounts Receivable, the Net Cash Realizable Value is __ before a write off of $1500. What is the Net Cash Realizable Value after the write off?a. $16,000b. $1500c. $17300d. $14500
I need to calculate the horizontal and vertical analysis for the following image that is attached.
Espinoza Air Conditioning & Heating had the following select financial data as of June 30, 2018. What is Espinoza’s cash ratio? a. 0.34 b. 0.65 c. 0.78 d. 1.54
Find out the company's cash ratio which has cash of P7500, cash equivalents of P26,250, accounts receivables of P4,300. Its total current liabilities are P45,000. What are cash equivalents? Exe2.1
X vog /webapps/blackboard/execute/displaylearningUnit?course_id=_15367_18content_id=_1799353_18. Complete the following problem on an EXCEL spreadsheet. PA9.) Use the following excerpts from Yardley Company's financial information to prepare a statement of cash flows (indirect method) for the year 2018. 2018 Income Statement Balance Sheets $ 455,000 (221,500) Sales Cost of Goods Sold Operating Expenses, other than depreciation expense Depreciation Expense Gain on Sale of Plant Assets Net Income (24,000) 23,500 174,400 (o09'es) Dec. 31, 2018 Cash $321,450 39,750 Accounts Receivable Inventory Accounts Payable Accrued Liabilities 000'EE 00S'E Dec. 31, 2017 $133,500 yse) Accounts Receivable Inventory Accounts Payable Accrued Liabilities 00s'9E 000'SE 19,550 00z Additional information: Plant assets were sold for $40,000; book value $16,500 Dividends of $25,000 were declared and paid 73"F Sunny
Someone please help me
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $13,660.00 2/10, n/45 $ $
Use the followIng Income statement and balare cheet Informatlon to put togethe er a statement of cash nows. (Eoter oegatve amouNTtS Lsng eibhera negaative slyn pENERINTD ChEe 7.017 Sales $1,237,000 Statement ot Cash Flows 2017 Cost of goods sold $684,000 Gross proft $553,000 Gen'1& admin expense $156,000 Selling & mkt expense $135,000 Depreclation $24,000 Operating Income $238,000 Interest $141,000 Income before taxes $97,000 Income taxes (27%) $26,190 Net Income 570,810 Dividends pald $25,000 Assets 2017 2016 Cash $14,590 Accounts recelvable $124,000 $113,000 Inventory $201,000 $218,000 Total current assets $345.590 Gross plant and equipmnent $700,000 $475.000 Less: accum. depreciation $313,000 $289,000 Net plant and equipment $387,000 $185.000 Total assets 5735,000 $531,590 Lablitles Accounts payable $118,000 $105,000 Notes payable $26,000 $26,000 Total current llablitles 5144,000 $131.000 Long-term debt $248,000 5154,000 Total llabilitles $392,000 3285,000 Common stock ($0.01 par)…
Please help me
Typed plz and asap thanks Please provide me a quality solution and take care of plagiarism also
I need help to work on these problems.
Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Cash Accounts receivable Equipment, net Land Total assets QS 17-6 (Algo) Vertical analysis LO P2 Current Year $ 12,700 64,000 64,000 100,500 $ 241,200 Cash Accounts receivable Equipment, net Express the items in common-size percents. (Round your percentage answers to one decimal place.) Land Total assets Current Year Prior Year $ 16, 200 29,900 56,000 76,000 $ 178,100 % % % % 0.0 % Prior Year % % % % 0.0 %