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Rank Reconciliation d checks of presented for date). The bank charged Steve's account for P14286. including a protest fee of P42. C. T ed as P41,000. The deposit on June 24 was recorded on the books as P2,895 but it was actually a deposit of P2,700. 000 cleared the bank company committed d. Outstanding checks totaled P9,885 as of June 30. e. There were bank service charges for June of 9210 not yet recorded on the books. g to P100,000 was erroneously S P10,000. Steve's account had been charged on June 26 for a customer's NSF check for P1,296. g. S Requirement: Prepare a proof of cash. Steve properly deposited P600 on June 3 but it was not recorded by the bank. h. Receipts on June 30 for P13,425 were recorded by the bank on July 2. PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL A bank memo stated that a customer's note for P4.500 and 1. In preparing its August 31, 2004 bank reconciliation, Cloud interest of P165 had been collected on June 27, and the Corp. has made available the following information: bank charged a P36 collection fee. Balance per bank statement, 8/31/04 P25,650 Deposit in transit, 8/31/04 5,900 How much is the adjusted balance of cash on June 30? Return of customer's check for insufficient funds a. 34,890 600 b. 41,230 b. 58,920 d. 62.890 (Adapted Outstanding checks, 8/31/04 750 Bank service charges for August 100 3. If the month-end bank statement shows a balance of P28,000, Erroneous credit by bank 2.000 outstanding checks are P12,000, a deposit of P4,000 was in transit at month end, and a check for P500 was erroneously At August 31, 2004, Cloud's correct cash balance is charged by the bank against the account, the correct balance in a. P28,800. b. P28,200. c. P28,100. d. P26,500 the bank account at month end is (Adapted) a. P19,500. b. P20,500. C. P12,500. d. P35,500. Adapted) 2. The books of Steve's Service, Inc. disclosed a cash balance of P68,757 on June 30. The bank statement as of June 30 showed a 4. In preparing its April 2004 bank reconciliation, Gregg, Inc. has balance of P54,780. Additional information that might be made available the following information. 130,140 useful in reconciling the two balances follows: Balance per bank statement, 4/30/04 450 a. Check number 748 drawn for P3,000 was originally NSF check returned with 4/30/04 bank statement 4000 Deposits in transit, 4/30/04 5.200 recorded on the books as P4,500. Outstanding checks, 4/30/04 20 A customer's note dated March 25 was discounted on Op 12. The note was dishonored on June 29 (maturity Bank service charges for April 2021.2.4 13:13 SHOT ON POCO M3 What should be the correct balance of cash at April 30, 20047 143 a. P29,370 b. P28,940 C. P28,490 d. P28,470 checks total P2,000; a deposit of P8,000 is in transit at month end; and a check for P400 is erroneously charged by the bank 5. Stiner, Inc.'s checkbook balance on December 31, 2004 against the account. What is the correct cash balance at the end of the month ? P27,200. In addition, Stiner held the following items in its you a. P33,600 on December 31: . P34,400 d. P46,400 (1) A check for P450 from Peters, Inc. received (and dated) December 30, 2004; not included in the checkbook balance. (2) An NSF check from Garner Co. amounting to P700 the 8. In preparing the bank reconciliation of Crews Co. for the had been deposited with the bank but was returned co month of July, the following information is made available. Balance per bank statement, 7/31 December 29 due to lack of sufficient funds. The check P54,075 Deposits in transit, 7/31 was to be redeposited on January 3, 2005. The original Outstanding checks, 7/31 8,625 deposit has been included in the December 31 checkbook Deposit erroneously recorded by bank to Crews 375 balance. account, 7/18 (3) Coins and curren unting to P1,450. Bank service charges for July The proper amount to be reported on Stiner's balance sheet for What is the correct cash balance at July 31? cash at December 31, 2004 is a. P52,875 C. P54,450 d. P54,825 a. P27,500. b. P54,375 C. P28,400 b. P26,950. Adapted) d. P27,950. 9. The August 31 bank statement of Kelvin Inc. showed a balance of P113,000. Deducted in arriving at this amount was a 6. The cash account shows a balance of P38,000 before customer's NSF check for P2,400 that had been returned. reconciliation. The bank statement does not include a deposit Kelvin had received no prior notice concerning this check. In of P2,300 made on the last day of the month. The bank addition to the bank statement, other records showed there statement shows a collection by the bank of P940 and a were deposits in transit totaling P17,200 and that outs customer's check for P220 was returned because it was NSF. A checks totaled P10,800. What is the cash balance per books at customer's check for P450 was recorded on the books as P540, and a check written for P79 was recorded as P97. The correct August 31 (prior to adjustments)? balance in the cash account was a. P121,800 C. P117,000 b. P119,400 d. P115,400 a. P38,612. C. P38,828. P38,648. Adapted) d. P40,948. 10. Sandy, Inc. had the following bank reconciliation at March 31, . O. Osume the following facts for Kurt Company: The month 2004: SHOT ON POCO M3's a balance of P40,000; outstanding 2021.2.4 13:14 Chapter 3 144 Balance per bank statement, 3/31/04 P37,200 Add: Deposit in transit 10.300 47,500 Less: Outstanding checks 12,600 . Balance per books, 3/31/04 P34.900 Data per bank for the month of April 2004 follow: Deposits P42,700 Disbursements 49,700 All reconciling items at March 31, 2004 cleared the bank in April Outstanding checks at April 30, 2004 totaled P5,000. There were no deposits in transit at April 30, 2004. What is the cash balance per books at April 30, 2004? a. P25,200 C. P30,200 b. P27,900 d. P35,500 (Adapted) .OO 2021.2.4 13:14 SHOT ON POCO M3
