Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 31st July 2005, Adebanjo's Cash book showed a debit balance of N20,000. His bank statement showed a balance of N21,350. On comparison the following

On 31st July 2005, Adebanjo's Cash book showed a debit balance of N20,000. His bank statement showed a balance of N21,350. On comparison the following were found:

(a) Cheque issued amounting to N12,500 had not been presented for payment.

(b) The bank rejected cheques amounting to N700.

( c) Standing order of N3,500 to a club was not taken into consideration.

(d) A customer, Segun paid N850 directly into the bank without any notice to the firm.

(e) Bank charges of N800, were entered in the bank statement only.

(f) A dividend of N1,250 was paid directly into the bank and not recorded in the cash book.

(g)Cheques for N8,250 were entered into the cash book and paid to the bank but had not been cleared thus not credited.

You are required to prepare the Bank Reconciliation Statement for the month of July 2005.

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

Software Quality Assurance A Guide For Developers And Auditors

Authors: Howard T. Garst Smith

1st Edition

1574910493, 978-1574910490

More Books

Students also viewed these Accounting questions

Question

Describe the seven standard parts of a letter.

Answered: 1 week ago

Question

Explain how to develop effective Internet-based messages.

Answered: 1 week ago

Question

Identify the advantages and disadvantages of written messages.

Answered: 1 week ago