Russell Von P.

Domingo
12 – Holy Cross

A. Use of Formula
Bank Reconciliation as of July 2021

Bal. per books, end. Bal. per bank, end.

Php 300,000 Php 430,000

ADD: CM 190,000 ADD: DIT 50,000

LESS: DM 30,000 LESS: OC 20,000

Add/Less: Book Add/Less: Book
Errors Errors

Adjusted Balance Php 460,000 Adjusted Balance Php 460,000

B. Transaction Analysis
Analysis :
1. The 45,000 is an outstanding check because it is not encashed.

2. The 205,000 is deposit in transit because it is not yet credited.

3. The 60,000 is a credit memo, you already deposit but not yet recorded.

4. The 10,000 is a debit memo, it has a deduction on your account.

 Bank Reconciliation as of August 2021

Bal. per books, Bal. per bank,

end. Php 520,000 end. Php 410,000

ADD: CM 60,000 ADD: DIT 205,000

LESS: DM (10,000) LESS: OC (45,000)

Add/Less: Book Add/Less: Book
Errors Errors

Adjusted Balance Php 570,000 Adjusted Balance Php 570,000

Adjusting reconciling entries

Debit Credit
60,000
Accounts Receivable 60,000
Cash
10,000
Cash Expense 10,000
205,000
Cash Deposit
Uncredited 205,000
45,000

Encashed 45,000
Total 570,000 570,000
C. Bank Reconciliation

Bank Reconciliation as of May 2021

Bal. per books, Bal. per bank,

end. Php 881,000 end. Php 859,095

ADD: CM 90,000 ADD: DIT 160,000

LESS: DM (31,905) LESS: OC (80,000)

Adjusted Balance Php 939,095 Adjusted Balance Php 939,095

D. Errors

Bank Reconciliation of ABC. Co as of September 30, 2021

Bal. per books, end. Bal. per bank, end.

Php 143,000 Php 180,000

ADD: CM ADD: DIT 32,000

LESS: DM (60,000) LESS: OC 27,000

Understatement 90,000 Overstatement 12,000

Adjusted Balance Php 460,000 Adjusted Balance Php 460,000