Accountancy, Business, and Management 2 2nd Quarter: Weeks 3 and 4 The Bank Account, and Bank

Reconciliation Statement

Pre-Test:

1. B

2. C

3. A

4. D

5. A

What’s In Answer the questions orally

1. Ask the learners if they have any bank account.

- No

2. Ask any learner the purpose of his/her account or why he/she chose a certain bank

- I don't have a bank account because I don't have any personal funds or allowances, so it's pointless for
me to have one.

3. Ask the learners to enumerate the banks existing in their respective communities.

- BDO EDSA - East Caloocan Branch, Banco De Oro Unibank, Inc., Allied Bank, Asa Philippines Foundation
Bagong Barrio, and Metropolitan Bank & Trust Company

4. Ask the learner why companies issue checks.

- To meet financial responsibilities, many companies issue cheques from their accounts payable
department. Vendor payments, interest payments to lenders, and government tax liabilities are
examples of financial obligations.

5. What will happen if there are any erasures in the check?

- Even if the check is countersigned by the issuer, any erasures or alterations will make it ineligible for
clearing.

What’s More

True or False:

1. False
2. True

3. True

4. True

5. False

6. False

7. True

8. False

9. True

10. True

What I have learned.

1. Require the learners to photocopy blank withdrawal slips, deposit slips, and check. During the class,
require the students to fill out the blank forms and submit them.

2. Ask the learner why companies issue checks.

- Many firms use their accounts payable department to issue checks in order to meet their financial
obligations.

3. What will happen if there are any erasures in the check?

- Even if the check is countersigned by the issuer, any erasures or alterations will make it ineligible for
clearing.

4. Ask the learners of the parties involved in the issuance of a check.

- The drawer is the person or organization that issues the cheque, the drawee is the financial institution,
and the payee is the person or organization that receives the cheque.

5. What is a bank statement discuss the importance of a bank statement to a depositor.

- An account statement is another name for a bank statement. It demonstrates whether the bank is
responsible for the money in an account holder's account. Bank statements are an excellent tool for
keeping track of one's finances. They can assist account holders in keeping track of their accounts,
identifying problems, and identifying spending patterns.

Assessment:

1. C

2. C
3. C

4. A

5. D

Additional Activity

Identify whether the following independent transaction is a book or a bank reconciling. In addition,
determine the amount of the error and state whether the amount will be added or deducted in the
preparation of the bank reconciliation

1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500.

- Book. The books will be added by P1,000.

2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said
customer to Eagle. No entry was made in the books of Eagle.

- Book. The books will be added by P5,000.

3. The bank teller deducted CK 123 for P3,500 from their account of Eagle. The said check was issued by
Eagle Company a different depositor of the bank.

- Bank. P3,500 will be added to bank records.

4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The
correct amount of the check was P5,250.

- Book. The books will be deducted by P45.

5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of
interest earned until it receives the bank statement.

- Book, P100 will be added to books.