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Requirement: Prepare the November bank reconciliation. Assume any error is committed by ABC Co. PROBLEM 6: FOR CLASSROOM DISCUSSION Bank reconciliation - Depositor vs. Bank Journal entries 1. The cash balance per books on June 30, 20x1 is P100,000, equal to the cash balance per bank statement on the same date. The transactions in July 20x1 are summarized below: a. Collections from customers totaled P500,000. All the collections were deposited; however, only P480,000 were credited by the bank to the entity's account as of July 31, 20x1. The difference was due to bank cut-off. b. Checks drawn totaled P200,000, of which P140,000 were encashed during the period. Customers deposited a total of P360,000 to the entity's bank account as payment of accounts receivable. The entity was not yet notified of the collections. .oo SHOT ON POCO M3 2021.2.4 13:23 The bank debited the entity's account for P40,000 representing payment for mobile phone charges. The follow notified of the payment. a. Prepare the journal entries in the books of (1) the entity and (2) the bank, respectively. compute for the following (1) deposits in transit, (2) the bank in edit memos and (4) debit memo. outstanding checks, (3) credit memo P5,000. Then Prepare the July 31, 20x1 bank reconciliation. s the cash d. Prepare the reconciling entries in the entity's books. Bank reconciliation 2. On Oct. 31, 20x1, Dark Co.'s cash balance per records is P7,540, while the balance per bank statement is PS,510. The following information is determined: a. The bank statement reflects a P780 deposit that is not yet recorded in the books. The deposit pertains to a collection of note receivable with a principal balance of P700; the difference represents the interest on the n b. The bank statement also reflects a P25 withdrawal representing service charges for the month. Dark Co. erroneously recorded a check drawn for P140 as is payment for an account payable. re accountant cleared the bank at the correct amount. the other one d. Dark Co. erroneously recorded a P910 collection of an receivable as P190. The bank statement reflects the correct amount of deposit A PI,900 check deposit on Oct. 31 is not yet reflected in the w in your rey The following checks drawn by Dark Co. are not yet presented to the bank for payment: Check # 075 for P325, Check # 080 for P100, and Check # 094 for P700. Bank for Requirements: a. Prepare the bank reconciliation for the month of October. SHOT ON POCO M3 2021.2.4 13:23 148 b. Prepare the reconciling entries in Dark Co.'s books Bank reconciliation - Bank to Book ation below is from the books of the Seminole The information below Corporation on June 30 balance per bank statement Pil,164 topof of Cash Deposits in transit Bank charges not yet recorded by Seminole Note collected by the bank 1,120 Outstanding checks NSF checks - not yet recorded nor re-deposited 160 credits Book balance Requirement: How much is the cash balance per books on June 30 before adjustments? Back credits Bank reconciliation - DIT and OC computations 4. Adcock Plastics Company deposits all receipts and makes all Burk charges payments by check. The following information is available from the cash records: Deposit in tran MARCH 31 BANK RECONCILIATION standing ch Balance per bank P26,746 Add: Deposits in transit 2,100 ement: Pre Deduct: Outstanding checks (3,800) Balance per books P25,046 Month of April Results Per Bank Per Back Balance April 30 P27,995 P24.365 April deposits 10,784 128 April checks 11,100 1308 April note collected (not included in April deposits) 3.000 April bank service charge April NSF check of a customer returned by the bank (recorded by bank as a charge) .OO SHOT ON POCO M3 2021.2.4 13:24 Rank R 149 irements: Compute for the April 30 Deposits in transit. the April 30 Outstanding checks. c. Prepare the April 30 bank reconciliation. Proof of Cash 5. Information on Blue Curtain Co. is shown below: 31-Jan Book balance 28-Feb 264,400 360.00 120,000 on June Book credits 24,400 Bank balance 201,200 370,820 Bank debits 17.320 Bank credits 186.940 Credit memos 52.500 makes a Bank charges 10,680 is availaty Understatement of book receipts 4,000 Overstatement of book receipts 2,800 Deposit in transit 95,040 43,800 Outstanding check 13,440 15,600 Requirement: Prepare a proof of cash. Per At P24ER 128 .oo SHOT ON POCO M 2021.2.4 13:24
