The bank portion of last month's bank reconciliation for Sandhill Ltd. at February 28 was as follows: SANDHILL LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $17.991 3,164 21,155 Less: Outstanding cheques #3451 $1,940 #3470 2.155 Reconciled cash balance $17,060 L. The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at February 28. The March bank statement showed the following: SANDHILL LTD. Bank Statement March 31 Amounts Deducted from Account (Debits) Amounts Added to Account Credits) Date Balance Feli 28 17,991 Description Opening balance Cheque. No. 3451 Deposit Mar 1 1.940 16.051 1 3.164 19.215 2 Cheque No. 3470 2.155 17,060 19.023 4 Deposit 1.963 9 Cheque, No. 3471 1.685 17338 10 Returned cheque-NSF, J. Mustafa B75 16,463 35 10 NSFfee 16,428 15.213 1215 15 EFT.loan payment 19 13.370 Cheque. No: 3472 1843 3.276 16,6416 26 Deposit 31 EFT collection on account from 10 NSF fee 35 16,428 15 EFT, loan payment 1.215 15.213 19 Cheque, No. 3472 1,843 13,370 26 Deposit 3,276 16,646 31 EFT, collection on account from M. Boudreault 610 17,256 31 Bank service charges and credit card fees 89 17,167 Sandhill's cash receipts and payments for the month of March showed the following: Cash Receipts Cash Payments Date Amount Date Number Amount 4. Mar. $1,963 7 Mar. 3471 $1,685 26 3,276 15 3472 1,483 31 4,006 29 3473 4,911 $9,245 $8,079 Additional information: 1. 2. The EFT loan payment should have been recorded by the company on March 15, but this entry was missed. The payment included $85 of interest and a $1,130 payment on the loan principal The bank made an error processing cheque #3472. The EFT collection from M. Boudreault was not previously recorded. Bank service charges and debit and credit card processing fees totalling $89 were not previously recorded. 4. Calculate the cash balance per books at March 31, prior to reconciliation, Caash balance per books at March 31 $ List of Accounts List of Accounts What is the amount of the deposits in transit at March 312 Deposit in transit $ List of Accounts What is the amount of the outstanding cheques at March 317 Outstanding cheques $ List of Accounts Prepare the bank reconciliation at March 31. (List items that increase balance as per bank & books first.) Prepare the bank reconciliation at March 31. (List items that increase balance as per bank & books first.) YAP LTD. Bank Reconciliation March 31 . VA : $ List of Accounts Date Account Titles and Explanation Debit Credit Mar. 31 (To record EFT collections) 31 1 (To record bank charges and fees) 31 (To record NSF cheque and fee) 31 (To record EFT loan payment)
