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Chapter Bank Reconciliation 145 3/31/04 P37,200 d. PIGGY Bank receives P2,460,660 from ABC's customers. 10.300 ABC Co. collects P1,592,012 from customers and deposits the 47,50 collection with PIGGY Bank. However, ABC Co. checks 12.600 inappropriately records the collection and deposit as 131/04 P34.90 P1,952,012. The bank records the deposit at the correct month of April 2004 follow: amount. P42,700 A P25,000 customer check included in the collections in (e) 49,700 above is dishonored due to insufficiency of funds. ABC Co. is not notified of the dishonor. All reconciling ite 4 cleared the bank in April, PIGGY Bank pays ABC Co.'s utility bills of P1,602. Outstanding checks a otaled P5,000. There were ABC Co. deposits a P40,000 check at the end of the period. The no deposits in transit at What is the cash balance check clears the bank only in the next period. per books at April 30, 2004? P25,200 c. P30,200 Requirement (B): Determine the difference between the reciprocal b. P27,900 d. P35,500 accounts as of the end of the period. (Adapted) Requirement (C): Prepare the bank reconciliation. Requirement (D): Prepare the adjusting entry(ies) in ABC's books. PROBLEM 5: CLASSROOM ACTIVITIES ACTIVITY #2: BANK RECONCILIATION ABC Co. uses the imprest system. The following are excerpts from ACTIVITY #1: BANK RECONCILIATION ABC's "Cash in bank - Baboy Bank" subsidiary ledger and from INSTRUCTIONS: the November bank statement. 1. Find a study partner. 2. Imagine that you and your study partner are accountants. On Excerpt from subsidiary ledger of you is the accountant of ABC Co. and the other one is the Date Check No. Debits Nov. 1 Credits Balance accountant of PIGGY Bank. Nov. 4 10,000.00 3. Answer the requirements below. 0339 34,000.00 Nov. 9 44,000.00 134 Nov. 12 17,000.00 27,000.00 Requirement (A): Record the transactions below in your respective 135 Nov. 13 13,000.00 14,000.00 company's books. Cash Nov. 16 16,000.00 30,000.00 136 8,000.00 22,000.00 lov. 21 Transactions during the period: 234 52,000.00 74,000.00 ov. 22 a. ABC Co. opened an account with PIGGY Bank for an initial 0784 Nov. 29 19,000.00 93,000.00 deposit of P1,000,000. 137 Nov. 30 7,600.00 85,400.00 b. ABC Co. draws checks amounting to P254,321. 0846 23,500.00 108,900.00 c. PIGGY Bank encashes ABC's checks amounting to P220,320. 144,500.00 45,600.00 SHOT ON POCO M3 2021.2.4 13:17 147 146 Chapter 3 Excerpt from bank statement: Bank statement Period covered: Nov. 1, 20x1 to Nov. 30, 20x1 Date Check No. Debits Credits Balance Nov. 1 10,000.00 Nov. 5 0339 34,000.00 44,000.00 Nov. 6 0389 78,000.00 122,000.00 Nov. 13 Cash 16,000.00 138,000.00 Nov. 16 135 13,000.00 125,000.00 Nov. 18 984 33,000.00 158,000.00 Nov. 19 136 8,000.00 150,000.00 Nov. 21 234 25,000.00 175,000.00 Nov. 22 0784 19,000.00 194,000.00 Nov. 25 0784 (NSF) 19,000.00 175,000.00 Nov. 28 (DM) 2,000.00 173,000.00 Nov. 30 137 7,600.00 165,400.00 Requirement: Prepare the November bank reconciliation. Assume angeror is committed by ABC Co. SHOT ON POCO M3 2021.2.4 13:18
