Professional Documents
Culture Documents
September 30, 2019. The client has not prepared the bank reconciliation for September 30. The
following information were made available by the client:
Audit notes:
a. Bank reconciliation in June included the following information: Bank statement balance,
August, P 175,380; Deposits in transit, P 15,000; Outstanding checks, P 34,500, and; Balance per
general ledger, June, P 158,880.
c. Checks clearing the bank in September and were recorded in the September cash disbursement
journal was at P 614,010.
d. Checks clearing the bank in September, outstanding by the end of August was at P 50,760
e. A check for P 32,400 cleared the bank, but had not been recorded in the cash disbursement
journal. It was for a payment of an accounts payable.
f. A check for P 12,480 was erroneously charged by the bank to Resilient Company.
g. The bank charged Resilient Co.'s account for a non-sufficient-fund check totaling to P 8,230.
The credit manager concluded that the customer intentionally closed its account and the owner
left the city. The check was turned over to a collection agency.
h. A note for P 174,000 plus interest, was paid directly by the bank under an agreement signed
four months ago. The note payable was recorded at P 174,000 on Resilient Co.'s books.