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112 ReconSeatwork

The document provides information from 5 different case studies involving bank reconciliations. Case I provides check register and bank statement data for ABC for the month of April. Case II provides balance, deposit, check and fee information for a bank reconciliation. Case III provides balance, check, deposit and fee information from ABC's cash account and bank statement for October. Case IV provides March and April bank reconciliation information for Adcock Plastics. Case V provides reconciling item amounts for November and December, as well as receipts, disbursements and unadjusted balance amounts to prepare a 4-column December bank reconciliation for Sy Company.

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Ginie Lyn Rosal
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
280 views

112 ReconSeatwork

The document provides information from 5 different case studies involving bank reconciliations. Case I provides check register and bank statement data for ABC for the month of April. Case II provides balance, deposit, check and fee information for a bank reconciliation. Case III provides balance, check, deposit and fee information from ABC's cash account and bank statement for October. Case IV provides March and April bank reconciliation information for Adcock Plastics. Case V provides reconciling item amounts for November and December, as well as receipts, disbursements and unadjusted balance amounts to prepare a 4-column December bank reconciliation for Sy Company.

Uploaded by

Ginie Lyn Rosal
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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CASE I

The following data were taken from ABC check register for the month of April. ABC’s bank reconciliation for March showed one outstanding check,
check no.78 for P57.00 (written on March 23), and one deposit in transit, Deposit No. 10499 for P96.00 (made on March 30).

Date Item Check DepositBal.


April 1 Beginning balance P175.00
1 Deposit No. 10500 P451.61 626.61
1 Check No. 79 P15.00 616.61
4 Check No. 80 261.32 355.59
27 Deposit No. 10501 247.28 602.87
29 Check No. 81 214.35 389.52

The following is from ABC’s bank statement for April:


Date Item Check Deposit Bal.
April 1 Beginning balance P136.00
3 Check No. 79 P15.00 121.00
3 Deposit No. 10499 P96.00 217.00
5 Check No. 80 261.32 (44.32)
5 Automatic Loan 132.00 87.68
5 Deposit No. 10500 457.61 545.29
20 NSF Check 20.00 525.29
20 Service Charge 15.00 510.29
30 Interest 1.21 511.50

Assume that any errors or discrepancies you find are ABC’s fault, not the bank’s.
1 Prepare a bank reconciliation in good form
2 Prepare the compound entry for the adjustments

CASE II
Use the following information to answer the requirements:

Balance per bank statement, November 30, 2016 2,979.72


Deposit in transit 658.50
Charge for interest made to depositor’s account by error 12.50
Outstanding checks:
No. 1125 58.16
No. 1138 100.00
No. 1152 98.60
No. 1154 255.00
No. 1155 192.07
Interest earned during November 98.50
Check No. 1116 to Ace Advertising for P46 recorded by
depositor as P64 in error 18.00
Bank service charges 3.16
Customer’s check deposited November 25 and returned
marked NSF 118.94

1 Prepare a bank reconciliation in good form


2 Prepare the compound entry for the adjustments

CASE III
The cash account of ABC disclosed a balance of P17,056.48 on October 31. The bank statement as of October 31 showed a balance of P21,209.45.
Upon comparing the statement with the cash records, the following facts were developed.
A ABC’s account was charged on October 26 for a customer’s uncollectible check amounting to P1,143.
B A 2-month, 9%, P3,000 customer’s note dated August 25, discounted on October 12 was dishonored October 26 and the bank charged ABC
P3,050.83, which included a protest fee of P5.83.
C A customer’s check for P725 was entered as P625 by both the depositor and the bank but was later corrected by the bank.
D Check No. 661 for P1,242.50 was entered in the cash disbursements journal at P1,224.50 and check No. P652 for P32.90 was entered as P329.
The company uses the voucher system.
E Bank service charges of P39.43 for October were not yet recorded on the books.
F A bank memo stated that Pepsi’s note for P2,500 and interest of P62.50 had been collected on October 29, and the bank charged P12.50. (No
entry was made on the books when the note was sent to the bank for collection.)
G Receipts of October 29 for P6,850 were deposited November 1.
H The following checks were outstanding on October 31:
No. 620 P1,250 No. 671 P732.50
No. 621 3,448.23 No. 673 187.90
No. 632 2,405.25 No. 675 275.72
No. 670 1,775.38 No. 676 2,233.15

1 Prepare a bank reconciliation in good form


2 Prepare the compound entry for the adjustments

CASE IV
Adcock Plastics Company deposits all receipts and makes all payments by check. The following information is available from the cash records:

MARCH 31 BANK RECONCILIATION

Balance per bank P26,746


Add: Deposits in transit 2,100
Deduct: Outstanding checks (3,800)
Balance per books P25,046

Month of April Results


Per BankPer Books
Balance April 30 P27,995 P24,355
April deposits 10,784 12,889
April checks 11,100 13,080
April note collected (not included in April deposits) 3,000 -0-
April bank service charge 35 -0-
April NSF check of a customer returned by the bank
(recorded by bank as a charge) 900 -0-

1 Prepare a bank reconciliation in good form


2 Prepare the compound entry for the adjustments

CASE V
In the process of your examination of the financial statements of Sy Company, you were able to obtain the following data:

Reconciling items:
November 30 December 31
Undeposited collections P200,000 P120,000
Outstanding checks 80,000 60,000
Customer’s notes collected by bank 100,000 120,000
Bank service charges 2,000 3,000
Erroneous bank debits 10,000 20,000
Erroneous bank credits 40,000 30,000
NSF checks not redeposited 5,000 7,000
Customer’s check deposited December 12,
returned by bank on December 18 marked NSF
and redeposited immediately; no entry was made
on the books for the return or the redeposit 10,000
Unadjusted balances:
Books ? 90,000
Bank 230,000 ?
December transactions:
Bank Books
Receipts P420,000 P270,000
Disbursements 500,000 407,000

Prepare a 4-column bank reconciliation for the month of December, using the form that reconciles both the book and the bank balances to a correct
cash amount.

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