OUTPUT 1 (OP01) – Bank Reconciliation

SCEPTER Company had the following data presented pertaining to its month ended cash in
bank reconciliation, July 31, 2020:

Balance per book P 1,700,000 Balance per bank 2,067,700

Deposit in Transit
550,000 Uncleared Checks
620,000 Total bank charges
15,000
Collections made by the bank on behalf of the company
360,000 Total DAIF/DAUD/NSF checks returned by the bank
29,000

The following errors were committed:

Company:
1. A customer receipt of P10,000 were overlooked and never recorded.
2. A customer receipt of P9,500 was recorded as P9,005 and were not corrected.
3. A check drawn for P11,500 was unintentionally omitted from the records.
4. A check drawn for P12,900 was entered to the record as P19,200 and were not
recorded

Bank:
1. A deposit of P20,000 were overlooked and never recorded.
2. A deposit of P29,500 were recorded as P20,905 and were not recorded.
3. A deposit of P15,000 by GROOT Company were recorded as SCEPTER Company’s
deposit.
4. A deposit of P18,000 by SCEPTER Company were recorded as VORMIR Company’s
deposit.
5. A check drawn by EBONY MAW Company for P11,500 were charged to company’s
bank account.
6. A check drawn by the company for P19,500 were charge to NOVA ARC Company’s
bank account.

Requirements:

1. Adjusted balance method

2. Book to bank balance method
3. Bank to book balance method

Requirement 1:
 Adjusted Balance Method:

For Book Records: For Bank Records:

1,700,0 Unadjusted Balance 2,067,700
Unadjusted Balance 00 Add: Deposit in Transit 550,000
360,00
Add: CM Collection 0
Less: Outstanding Checks -620,000
DAIF/
Error
Less: CM DAUD/NSF -29,000
Receipt 20,000
BSC -15,000
Receipt 8,595
Receipt -15,000
Error
Disbursement 18,000
Receipt 10,000
Disbursement 11,500
Receipt 495
Disbursement -19,500
Disbursement -11,500
 
Disbursement 6,300
Adjusted Balance 2,021,295
 
2,021,2

Requirement 2:
Book to Bank Balance Method:

Unadjusted Balance 1,700,000

Add: CM Collection 360,000

Less: CM DAIF/DAUD/NSF -29,000

BSC -15,000

Error
Receipt 10,000
Receipt 495
Disbursement -11,500
Disbursement 6,300
 
Adjusted Balance 2,021,295

Add: Deposit in Transit -550,000

Less: Outstanding Checks 620,000

Error
Receipt -20,000
Receipt -8,595
Receipt 15,000
Requirement 3:
Bank to Balance Method:

Unadjusted Balance 2,067,700

Add: Deposit in Transit 550,000

Less: Outstanding Checks -620,000

Error
Receipt 20,000
Receipt 8,595
Receipt -15,000
Disbursement 18,000
Disbursement 11,500
Disbursement -19,500
 
Adjusted Balance 2,021,295

Add:
CM Collection -360,000

Less:
CM DAIF/DAUD/NSF 29,000
BSC 15,000

Error
Receipt -10,000
Receipt -495
Disbursement 11,500
Disbursement -6,300
 
Adjusted Balance 1,700,000