Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. Muscat Traders LLC's books show a cash balance at the Bank Muscat on November 30, 2020 of OMR 20,502. The bank statement covering the

image text in transcribed

3. Muscat Traders LLC's books show a cash balance at the Bank Muscat on November 30, 2020 of OMR 20,502. The bank statement covering the month of November shows an ending balance of OMR 22,190. An examination of Muscat Traders' accounting records and the bank statement identified the following reconciling items. a. A deposit of OMR 3,855 made by the Muscat Traders does not appear in the bank statement and is still in transit. b. Outstanding cheques not charged to the November bank statement is OMR 5,001. c. Muscat Traders does not record interest on bonds collected by the bank on November 20 (Credit Memo transaction) in its books OMR 780. d. Muscat Traders does not record the following Debit Memo transactions. Bank Service charges OMR 18 NSF cheque returned OMR 220 (5 Marks) Prepare a bank reconciliation statement as on November 30, 2020. Bank Reconciliation Statement as on November 30, 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smart Sexy Auditing Clerk

Authors: Funny Career Quotes

1st Edition

B08RRJ97CP, 979-8588903189

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago