ORTAÑEZ, Raphy Leonardo M.

A-236 BS Accountancy

Problem 8-6

Chivalry Company
Bank Reconciliation Statement
For the month ended March 31, 20XX

Book balance 1,405,000

Add: Collection of note 2,500,000
Interest on note 150,000
Error in recording chk. 45,000 2,695,000
No. 175
4,100,000
Less: Service charge 5,000
Utilities expense 245,000
NSF check 220,000 470,000
3,630,000

Bank balance 5,630,000

Add: Deposit in transit 750,000
6,380,000
Less: Bank error 1,100,000
Outstanding checks 1,650,000 2,750,000
Adjusted bank balance 3,630,000

Cash in bank 2,695,000

Note receivable 2,500,000
Interest income 150,000
Accounts Payable 45,000

Bank service charge 5,000

Utilities expense 245,000
Accounts Receivable 220,000
Cash in bank 470,000

XFINACR1 – Financial Accounting and Reporting 1 Bank Reconciliation

ORTAÑEZ, Raphy Leonardo M. A-236 BS Accountancy

Problem 8-7

Zodiac Company
Bank Reconciliation Statement
For the month ended April 31, 20XX

Book balance 1,100,000

Add: CM for note collected 60,000
Outstanding checks no.
No. 1331 40,000
1332 30,000
1334 60,000
1335 10,000 140,000
Total 1,300,000
Less: Bank service charge 5,000
NSF Check 25,000
Deposit in transit 270,000 300,000
Balance per bank 1,000,000

Cash in bank 60,000

Note receivable 60,000

Bank 5,000
service
charge
Accounts 25,000
Receivable
Cash in bank 30,000

XFINACR1 – Financial Accounting and Reporting 1 Bank Reconciliation

ORTAÑEZ, Raphy Leonardo M. A-236 BS Accountancy

Problem 8-8

Radiant Company
Bank Reconciliation Statement
For the month ended January 31, 20XX

Bank balance 3,500,000

Add: Deposit in transit 550,000
NSF check 50,000
Debit memo 5,000
Unrecorded check 125,000 730,000
Total 4,230,000
Less: Outstanding checks 650,000
Overstatement of check 270,000
Understatement of check 180,000 1,100,000
Book balance 3,130,000

Cash in bank 450,000

Accounts Payable 270,000
Accounts Receivable 180,000

Accounts Receivable 50,000

Bank Service charge 5,000
Accounts Payable 125,000
Cash in bank 180,000

Thank you po ma’am Wanda.

Stay beautiful! :D


XFINACR1 – Financial Accounting and Reporting 1 Bank Reconciliation