Bank Recon Solutions Exercise 2 3
Bank Recon Solutions Exercise 2 3
Bank Recon Solutions Exercise 2 3
1.
Balance per book P 500,000
Service charge (5,000)
NSF check (50,000)
Proceeds from note collection 215,000
Adjusted balance P 660,000
2.
Balance per book P 260,000
Add: CM for note collected 120,000
Total 380,000
Less: DM for service charge 8,000
Adjusted book balance P 372,000
Adjusting entries:
1. Cash in bank 120,000
Note receivable 120,000
3.
Balance per book 110,000
Add: CM for note collected 45,000
Total 155,000
Less: DM for service charge 5,000
NSF check 10,000
Book error (52,000 – 25,000) 27,000 42,000
Adjusted book balance 113,000
Adjusting entries:
1. Cash in bank 45,000
Bank service charge 5,000
Note receivable 50,000
4.
Adjusting entries:
1. Cash in bank 450,000
Accounts payable 270,000
Accounts receivable 180,000
5. Adjusting entries:
1. Cash in bank 60,000
Note receivable 60,000
6.
Book balance 1,405,000
Add: Collection of note 2,500,000
Interest on note 150,000
Book error on check no. 175 45,000 2,695,000
Total 4,100,000
Less: Bank service charge 5,000
Payment for light and water 245,000
NSF check 220,000 470,000
Adjusted book balance 3,630,000
Adjusting entries:
7.
Balance per book 1,300,000
Add: Overstatement of check number 765 20,000
Check number 555 stopped for payment 10,000 30,000
Total 1,330,000
Less: Service charge 5,000
NSF check 85,000 90,000
Adjusted book balance 1,240,000
Adjusting entries:
1. Cash in bank 30,000
Accounts payable 20,000
Miscellaneous income 10,000
8.
BOOK BANK
Unadjusted balance 520,500 405,000
Note collected by the bank 7,500
Outstanding checks 49,020
Undeposited collections ______ 138,420
Corrected balances 528,000 494,400
Shortage (33,600) ______
Adjusted balances 494,400 494,400
Concealment of Shortage
Omission of outstanding check #1428 15,600
Underfooting of outstanding checks in 3,000
reconciliation
Adding (instead of deducting) the unrecorded 15,000
note collected by the bank
9.
DIT, Aug 19,000
Cash receipts – Sept 61,000
Total cash to be deposited to the bank in Sept 80,000
Cash acknowledged by the bank as deposits from the company (60,400)
DIT, Sept. 19,600
10.
DIT, Feb 17,000
Cash receipts – March 490,000
Total cash to be deposited to the bank in March 507,000
Cash acknowledged by the bank as deposits from the company (476,000)
DIT, March 31,000
OC, Feb 39,000
Cash disbursements – March 610,000
Total cash to be paid by the bank in March 649,000
Checks paid/cleared by the bank in March (602,000)
OC, March 47,000
11.
DIT, March 2,100
Cash receipts – April 13,889
Total cash to be deposited to the bank in April 15,989
Cash acknowledged by the bank as deposits from the company (10,784)
DIT, April 5,205
14.
Nov. 30 Receipts Disbursements Dec. 31
Bank balance 294,771 1,065,620 1,211,405 148,986
DIT
November 21,270 (21,270)
December 32,925 32,925
OC
November (40,525) (40,525)
December 35,191.50 (35,191.50)
Error – interest (625) 625
Uncollectible customers check (5,947) 5947
275,516 1,071,328 1,199,499.50 147,344.50
Allo.for DA 5,947
Cash in bank 5,947
Exercise 3
1. A 11. D 21. D
2. C 12. B 22. C
3. B 13. A 23. C
4. C 14. C 24. A
5. B 15. B 25. A
6. B 16. C 26. B
7. B 17. D 27. D
8. C 18. A 28. B
9. A 19. B 29. C
10. B 20. B 30. D