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    Nadine Sofia
    The document provides bank reconciliation data for Case Company on December 31, 2014. It lists the balance per bank statement, deposits in transit, amounts erroneously credited, bank service charges, and outstanding checks. It then calculates the adjusted cash in bank balance by adding deposits in transit, subtracting amounts erroneously credited and outstanding checks from the bank balance. The second part provides bank reconciliation data for Lazer Company on June 30, 2014 and July 31, 2014. It lists the beginning balances, deposits, disbursements, and reconciling items for both months. It then calculates the ending cash balances per book for July 31, cash receipts and disbursements per book for July.

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    Ia 2

    Uploaded by

    Nadine Sofia
    394 views2 pages
    The document provides bank reconciliation data for Case Company on December 31, 2014. It lists the balance per bank statement, deposits in transit, amounts erroneously credited, bank service charges, and outstanding checks. It then calculates the adjusted cash in bank balance by adding deposits in transit, subtracting amounts erroneously credited and outstanding checks from the bank balance. The second part provides bank reconciliation data for Lazer Company on June 30, 2014 and July 31, 2014. It lists the beginning balances, deposits, disbursements, and reconciling items for both months. It then calculates the ending cash balances per book for July 31, cash receipts and disbursements per book for July.

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    The document provides bank reconciliation data for Case Company on December 31, 2014. It lists the balance per bank statement, deposits in transit, amounts erroneously credited, bank service charges, and outstanding checks. It then calculates the adjusted cash in bank balance by adding deposits in transit, subtracting amounts erroneously credited and outstanding checks from the bank balance. The second part provides bank reconciliation data for Lazer Company on June 30, 2014 and July 31, 2014. It lists the beginning balances, deposits, disbursements, and reconciling items for both months. It then calculates the ending cash balances per book for July 31, cash receipts and disbursements per book for July.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    394 views2 pages

    Ia 2

    Uploaded by

    Nadine Sofia
    The document provides bank reconciliation data for Case Company on December 31, 2014. It lists the balance per bank statement, deposits in transit, amounts erroneously credited, bank service charges, and outstanding checks. It then calculates the adjusted cash in bank balance by adding deposits in transit, subtracting amounts erroneously credited and outstanding checks from the bank balance. The second part provides bank reconciliation data for Lazer Company on June 30, 2014 and July 31, 2014. It lists the beginning balances, deposits, disbursements, and reconciling items for both months. It then calculates the ending cash balances per book for July 31, cash receipts and disbursements per book for July.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    In preparing the bank reconciliation on December 31, 2014, Case Company provided the following data:

    Balance per bank statement 3,800,000

    Deposit in transit 520,000

    Amount erroneously credited by bank to Case's account 40,000

    Bank service charge for December 5,000

    Outstanding checks 675,000

    What is the adjusted cash in bank on December 31, 2014?.

    Bank Balance 3,800,000

    Add: Deposit in Transit 520,000

    Total 4,320,000

    Less: Amount erroneously credited 40,000

    Outstanding Checks 675,000 715,000

    Total 3,605,000

    B. Preparing a proof of cash. Lazer Company had the following bank reconciliation on June 30, 2014:

    Balance per bank statement, June 30 3,000,000

    Deposit in transit 400,000

    Total 3,400,000

    Outstanding checks ( 900,000)

    Balance per book, June 30 2,500,000

    The bank statement for the month of July showed the following:

    Deposits (including P200,000 note collected for Lazer) 9,000,000

    Disbursements (including P 140,000 NSF check and P10,000 service charge) 7,000,000

    All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and
    the deposit in transit amounted to P1,000,000 on July31.

    Required:

    What is the cash balance per book on July 31?


    What is the amount of cash receipts per book in July?

    What is the amount of cash disbursements per book in July?

    1. Balance per bank, 6/30 3,000,000

    Add: July deposits 9,000,000

    Total 12,000,000

    Less: July Disbursements 7,000,000

    Balance per book, 7/31 5,000,000

    Add: Deposit in Transit 1,000,000

    Total 6,000,000

    Less:Outstanding checks 600,000

    Adjusted Bank Balance 5,400,000

    Balance per book 5,350,000

    Add: Note collected 200,000

    Total 5,550,000

    Less: NSF Check 140,000

    Service Charge 10,000 150,000

    Adjusted Book Balance 5,400,000

    Proof of cash

    Book June Credits Debits July

    Balance per book 2,500,000 9,000,000 7,000,000 4,500,000

    Note Collected 200,000 200,000

    NSF Check 140,000 (140,000)

    Service Charge 10,000 (10,000)

    Adjusted Book Balance

    2,500,000 9,200,000 7,150,000 4,550,000

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