Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bank Reconciliation . Reconcile the following: On November 30, Brown Sugar Plc has the below information related to cheques and cash: 1. The bank balance

Bank Reconciliation.

Reconcile the following: On November 30, Brown Sugar Plc has the below information related to cheques and cash:

1. The bank balance as per the accounting records of the company amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758.

2. Collected cash of $6,244 on November 30 will be transferred to the Bank on December 1.

3. In the Bank Statement there is a credit of $167 showed as interest earned for November.

4. There are two Outstanding Cheques N0 921 of amount $964 and N0 925 of amount $1,085.

5. In the Bank Statement there is a debit of $14 shown as Bank Service Charges, NonSufficient-Funds Cheque of Mr. Sweet with $700.

Required:

a. Prepare a Bank reconciliation statement on November 30.

b. Prepare the necessary journal entries after the preparation of the Bank reconciliation.

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

Accounting Information Systems The Crossroads Of Accounting And IT

Authors: Donna Ulmer, Donna Kay, Ali Olia

1st Edition

0132132524, 9780132132527

More Books

Students also viewed these Accounting questions