Question
(Please answer this ASAP i have to hand it in in less than an hour to pass!!!) Your line manager has provided you with the
(Please answer this ASAP i have to hand it in in less than an hour to pass!!!)
Your line manager has provided you with the following information:
Two different clients are facing regular monthly problems with matching the cash balance of the bank statement with the cash balance found on their business's records. For this, your line manager has asked you to help these clients to handle and solve this issue by performing bank reconciliations for these two businesses (A & B) by using the available information in table 4&5.
- Instructions: in this task you have to:
- Apply the bank reconciliation process for business (A) for the month ended December 31,2021 by using information from table 4.
- Apply the bank reconciliation process for business (B) for the month ended December 31,2021 by using information from table 5.
- Demonstrate the use of deposit in transit, outstanding checks and Not Sufficient Funds (NSF) in the reconciliation process.
- Show that the two bank reconciliations have been accurately prepared by using appropriate tools and techniques.
- Check what accounts are affected in both general ledger accounts and balance sheets. This can be done through preparing the adjusting entries of the bank reconciliations or through listing the affected accounts and their effects on general ledger and balance sheets.
Bank reconciliation Business ( A )
Cash balance per bank
41555
Cash balance per book
64644
Add
Add
Less
Less
Adjusted cash balance per bank
Adjusted cash balance per book
Bank reconciliation Business ( B )
Cash balance per bank
Cash balance per book
Add
Add
Less
Less
Adjusted cash balance per bank
Adjusted cash balance per book
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