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a. extended to the an addition. e. b. extended to the book Adition. extended to the book as a g. deduction. not included in the proof of cash if the error is already Requ corrected in the current month. 3. PROBLEM 3: EXERCISES 1. ABC Co. is preparing its September 30, 20x1 bank reconciliation. Relevant information is shown below: Balance per books 5,313 Ad Balance per bank statement 6,200 Collection of note receivable by bank (including P155 interest) 3,565 NSF check returned by bank 1,860 Bank service charges for December 62 b. Deposits in transit 2,418 Outstanding checks (including certified checks of P310) 3,100 C. . A P1,395 collection of accounts receivable was erroneously recorded in the books as P1,593. The actual amount deposited to the bank is P1,395. A P930 loan amortization of AVC Co. was erroneously debited by the bank to ABC Co.'s account. Requirements: a. Prepare the bank reconciliation. b. Prepare the month-end adjusting entry. 2. Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined: .OO SHOT ON POCO M3 2021.2.4 12:39deduction, Bank Reconciliation 137 a. d book debit The cash balance per books is P280,000, while the cash balance per bank statement is P320,000. b. Credit memo - P20,000 addition. c. Debit memo - P15,000 addition. d. Deposits in transit - P75,000 column as e. Outstanding checks - P25,000 f. The disbursements per books are overstated by P45,000. g. The bank debits are understated by P40,000. rror is alread Requirement: Prepare the bank reconciliation. 3. Entity A is preparing its February 28, 20x1 bank reconciliation statement. The following information was determined: 20x1 ban Cash balance per accounting books, Feb. 28, 20x1, P260,000 . Cash balance per bank statement, Feb. 28, 20x1, P205,000 low: 5,3 Additional information: 6,2 a. A customer deposited P30,000 to Entity A's bank account as 3.56 payment for an account receivable. This is not yet recorded in 1.861 the books of accounts. b. A P102,500 check deposited by Entity A during the month is 2,41 not yet credited to Entity A's account. 3,10 c. A check drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 erroneous because of insufficiency in the funds of the drawer. The check unt deposited was received from a customer as payment for accounts receivable. ously debit Requirements: c. Prepare the bank reconciliation. d. Prepare the adjusting (reconciling) entries. .oo SHOT ON POCO M3 2021.2.4 12:39Bank Reconciliat 138 Chapters 6. Information 4. Information on ABC Co. is shown below: 30-Jul Aug. 31 Book balance 132,200 180,000 Book balance 60,000 Book debits Book debits (receipts) Book credits ? Book credits (disbursements) Bank balance 100,600 169,000 Bank balance 20,600 Bank debits Bank debits (disbursements) ? Bank credits Bank credits (receipts) 10,000 35,000 Credit mem Notes collected by bank 7,800 8,900 Bank charge Debit memos Deposit in t Understatement of book receipts 2,800 45,000 43,800 Outstanding Deposit in transit Outstanding checks 11,200 3,900 Additional i The bo Requirement: Prepare a proof of cash. The bo 5. The accountant of the DEF Co. gathered the following data: The ba 31-Mar 30-Apr . The ba Book balance 400,000 540,000 Book debits 180,000 Requireme Book credits 40,000 Bank balance 280,000 440,000 7. The f Bank debits 30,000 Bank credits 190,000 Book bal Credit memos 36,000 23,000 Book del Bank charges 10,000 16,000 Deposit in transit Book cre 169,000 136,000 Outstanding checks Bank ba 23,000 30,000 Bank de Additional information: Bank cr a. Disbursements in April of P45,000 were recorded as P54,000. Credit b. Deposit in April amounting to P10,000 was erroneously Debit n credited by the bank to another company's account. Deposi Outstar Requirement: Prepare a proof of cash. OOO SHOT ON POCO M3 2021.2.4 12:40Bank Reconciliation 139 6. Information on Yano Co. is shown below: 600 30-Jun 31-Jul Book balance 382,500 527,000 Book debits 180,900 Book credits 1000 36,400 Bank balance 365,380 653,700 BOO Bank debits 108,020 Bank credits 396,340 Credit memos 74,200 262,800 Bank charges 2,000 6,000 200 Deposit in transit 169,000 136,000 Outstanding checks 23,000 30,000 Additional information: The book disbursements in June were overstated by P36,340. d the following The book disbursements in July were understated by P54,280. 31-Mar The bank receipts in June were overstated by P20,340. The bank receipts in July were overstated by P30,180. 400,000 Requirement: Prepare a proof of cash. 280,000 7. The following Information relates to XYZ, Inc. 31-Mar 30-Apr Book balance 396,600 540,000 Book debits 180,000 36,000 Book credits 36,600 10,000 Bank balance 280,900 445,380 Bank debits 26,900 169,000 Bank credits 191,380 28,000 Credit memos 36,000 42,000 Debit memos 10,920 16,020 Deposit in transit 46,780 131,400 Outstanding checks 28,000 19,800 OO SHOT ON POCO M3 2021.2.4 12:41140 Chapter 3 Additional information: The outstanding checks in March include certified checks of P5,000. These were certified in March but were presented for payment in April. Collections in March of P14,000 were recorded as P41,000. Checks drawn in April amounting to P12,000 cleared the bank for P21,000. Investigation shows that the company committed the error. . Deposit in March amounting to P100,000 was erroneously credited by the bank as P10,000. Requirement: Prepare a proof of cash
