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IA1 Module 02B

The document contains three examples of bank reconciliation problems. The first involves reconciling a subsidiary ledger to a bank statement. The second gives transaction details to reconcile a company's cash balance to its bank statement. The third provides monthly cash information including deposits, checks, and other transactions to reconcile the ending bank and book balances.

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SHIENA TECSON
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56 views2 pages

IA1 Module 02B

The document contains three examples of bank reconciliation problems. The first involves reconciling a subsidiary ledger to a bank statement. The second gives transaction details to reconcile a company's cash balance to its bank statement. The third provides monthly cash information including deposits, checks, and other transactions to reconcile the ending bank and book balances.

Uploaded by

SHIENA TECSON
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1. ABC Co. uses the imprest system.

The following are excerpts from ABC’s Cash in Bank –


DEF Bank” subsidiary ledger and from the November bank statement.

Excerpt from the subsidiary ledger:

Excerpt from the bank statement:

Requirement: Prepare the November bank reconciliation. Assume any error is committed by
ABC Co.
2. On Oct. 31, 2021, Dark Co.’s cash balance per records is P7,540, while the balance per bank
statement is P8,510. The following information is determined:

a. The bank statement reflects a P780 deposit that is not yet recorded in the books. The
deposit pertains to a collection of a note receivable with a principal balance of P700; the
difference represents the interest on the note.
b. The bank statement also reflects a P25 withdrawal representing service charges for the
month.
c. Dark Co. erroneously recorded a check drawn for P140 as P410. The check, which is a
payment for an account payable, cleared the bank at the correct amount. d. Dark Co.
erroneously recorded a P910 collection of an account receivable as P190. The bank
reflects the correct amount of deposit.
e. A P1,900 check deposit on Oct. 31 is not yet reflected in the bank statement. f. The
following checks drawn by Dark Co. are not yet presented to the bank for payment: •
Check No. 075, P325
• Check No. 080, P100
• Check No. 094, P700

Requirement: Prepare the bank reconciliation for the month of October.

3. Addock Plastics Company deposits all receipts and makes all payments by checks. The
following information is available from the cash records:

MARCH 31 BANK RECONCILIATION

Balance per bank P 26,746 Add: Deposits in transit 2,100 Less: Outstanding
checks ( 3,800 ) Balance per books P 25,046

MONTH OF APRIL RESULTS

Per Bank Per Books


Balance April 30 P 27,995 P 24,355 April deposits 10,784 12,889 April checks
11,100 13,080 April note collected (not included in
April deposits) 3,000 -
April bank service charge 35 - April NSF check of a customer returned
by
the bank (recorded by the bank as a charge) 900 -

Requirement:
a. Compute the April 30 Deposits in transit
b. Compute the April 30 Outstanding checks
c. Prepare the April 30 bank reconciliation

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