Question
Sample problems in Bank Reconciliation GUIDE: EXAMPLE On November 3, 2018, Micah Asuncion received from the bank her Bank Statement for the month of October
Sample problems in Bank Reconciliation
GUIDE: EXAMPLE
- On November 3, 2018, Micah Asuncion received from the bank her Bank Statement for the month of October 2018. She compared her checkbook to the bank statement and discovered the following:
Checkbook or Ledger: Bank Statement:
Ending Balance Php 333,203.50 Ending Balance Php 269,725.56
---------------------------------------------------------------------------- -------------------------------------------------------
Deposits Deposits:
10/03 Php 59,600.00 10/03 Php 59,600.00
10/10 53,740.00 10/10 53,700.00
10/26 27,610.00 10/16 46,030.00
10/31 30,260.00 10/26 27,610.00
Cheques issued and recorded: Checks cancelled:
Chq #3 Php 14,435.00 Chq #5 Php 38,206.00
Chq #5 38,026.00 Chq #16 17,300.00
Chq #16 17,300.00 Chq #23 25,061.00
Chq #25 31,200.00
Interest Php 747.10
Tax 149.44
Service Charge 199.60
Required: bank reconciliation
Solution: Micah Asuncion
Bank Reconciliation Statement
October 31, 2018
As per checkbook (or as per Books - referring to General Ledger) As per Bank Statement
Balance, ending Php 333,203.50 Balance, ending Php 269,725.56
Add: Add:
Omitted Deposit Php 46,030.00 Deposit in Transit 30,260.00
Interest 747.10 46,777.10
------------ -------------------- -------------------
Total 379,980.60 Total Php 399,985.56
Less: Less:
Error in deposit 40.00 Outstanding Cheques:
Error in cheques 180.00 Chq No.3 14,435.00
Omitted Chq #23 25,061.00 Chq No. 25 31,200.00 45,635.00
Service Charge 199.60
Tax 149.44 25,630.04
Reconciled Balance Php 354,350.56 Reconciled Balanced Php 354,350.56
=========== ============
REQUIRED: Using the acceptable format, pleaase answerrr what is required to reconcile the balances.
NOTE :
(repost it since I want to compare different answers from different experts so if u already answered this plss.. leave it thanks!)
1. Abdullah al Rumaih's bank balance on July 1, 2018 was Php 20,475.00. Since then, the company had made the following deposits: Php 10,800.00; Php 516.00;Php 2,323.00; and Php 1,974. They have issued the following cheques: Php 39,371.60; Php 1,348.00; Php 18,407.00. At the end of the month, she had to pay a bill in the amount of Php 12,429.40.What additional deposit did the company has to make in order to still have a remaining balance of Php 10,110.00 after meeting this obligation?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started