Republic of the Philippines

BATANGAS STATE UNIVERSITY

The National Engineering University
Pablo Borbon Campus
Rizal Avenue Ext., Batangas City, Batangas, Philippines 4200
Tel. No. (043) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1124
Email Address: cabeihm.pb@g.batstate-u.edu.ph| Website Address: http://www.batstate-u.edu.ph

College of Accountancy, Business, Economics and International Hospitality Management

BS ACCOUNTANCY PROGRAM
Semestral Project
ACC 205 Intermediate Accounting 1
Second Semester, AY 2023 – 2024

PRACTICE SET IN BANK RECONCILIATION

General Objectives:
1. To apply the knowledge acquire in the bank reconciliation and proof of cash.
2. To analyze transactions involving bank reconciliation and proof of cash.
3. To record cash transactions in the proper accounting journals and documents.

General Directions:

1. Make a group that will constitute of 5 to 6 members.

2. Complete the transactions and post or record those transactions in the appropriate accounting journals and
accounting records.

CPA Inc. provided its disbursements and collections, as well as schedule of unreleased checks for the Year 2023. The
accounting unit was task to analyze and reconciled the balance per book and balance as per bank statement. The
management wants your unit to prepare a 3 month bank reconciliation based on the accounting records and bank
statements.

For December

Useful Information

As reflected in the books

1. The book balance for November 2023 was Php 282,324,974.25
2. Check disbursements, auto debit transactions and cash collections for the month of December were provided in the
Excel file.
3. Unrealeased checks (see Excel file) for the year should be added back to cash in bank. (For General Journal Entry)
4. Unreceipted credit memos for previous months were temporary recognized as other payables. Customers for those
credit memos are still undetermined amounting to Php 175,000 alongside with credit memo dated 12/27/23 amounting
Php 25,000 and should be added in the book balance. (For General Journal Entry).
5. Interest income for the last quarter should be recorded and added to cash in bank. (For General Journal Entry)

Requirement
1. Prepare necessary general journal entries using journal entry vouchers.
2. Prepare general ledger of cash in bank as proof of cash for the book balance.
3. Prepare a bank reconciliation statement for the month of December.

As reflected in bank statement

1. Bank statement for the month of December was provided.

Requirement
1. Prepare schedule of outstanding checks for the month of December.
2. Prepare a bank reconciliation statement for the month of December.

For January

Useful Information

As reflected in the books

1. Check disbursements, auto debit transactions and cash collections for the month of January were provided in the Excel
file.
2. Unreceipted credit memos of last year should be reverted (For General Journal Entry).
3. Unreleased checks for December should be reverted. (For General Journal Entry)

Requirement
1. Prepare necessary general journal entries using journal entry vouchers.
2. Prepare general ledger of cash in bank as proof of cash for the book balance.
3. Prepare a bank reconciliation statement for the month of January.

As reflected in bank statement

1. Bank statement for the month of January was provided.

Requirement
1. Prepare schedule of outstanding checks for the month of January.
2. Prepare a bank reconciliation statement for the month of January.

For February
Useful Information

As reflected in the books

1. Check disbursements, auto debit transactions and cash collections for the month of February were provided in the Excel
file.
2. Credit Memo not reflected on the books should be included in the company’s reconciling item. (Book reconciling item -
For General Journal Entry)
3. ON-US check deposit dated 2/16/2024 as per bank statement is an erroneous deposit of CPA Inc. for its local branch in
Calapan City. The company should temporary add the said amount to the cash in bank and should be included as Payable
to Local Branch. (Book error - For General Journal Entry)

Requirement
1. Prepare necessary general journal entries using journal entry vouchers.
2. Prepare general ledger of cash in bank as proof of cash for the book balance.
3. Prepare a bank reconciliation statement for the month of February.

As reflected in bank statement

1. Bank statement for the month of February was provided.

Requirement
1. Prepare schedule of outstanding checks for the month of February.
2. Prepare a bank reconciliation statement for the month of February.

Additional Information

Account Codes
Cash in Bank 101010
Accounts Payable 202020
Payable to Local Branch 202021
Other Payables 202023
Interest Income 401010

For JEV Numbering in general journal transactions, please use this format: YEAR-MO-NUM e.g. The JEV Number for
the first transaction on January 2023 should be 2023-01-0001.

General Journal transactions should be dated on the last working date of the month.

“Ref” Column for General Journal and General Ledger should contain appropriate JEV Number.
 BATANGAS STATE UNIVERSITY
The National Engineering University
Pablo Borbon Campus
Rizal Avenue Ext., Batangas City, Batangas, Philippines 4200
Tel. No. (043) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1124
Email Address: cabeihm.pb@g.batstate-u.edu.ph| Website Address: http://www.batstate-u.edu.ph

College of Accountancy, Business, Economics and International Hospitality Management

PRACTICE SET IN BANK RECONCILIATION

A Semestral Project
For Intermediate Accounting (ACC 205)

To Ms. Diane V. De La Roca, CPA

In Partial Fulfillment
Of the Requirements for the Degree of
Bachelor of Science in Management Accounting

By

Name of the Student

First Name MI. Last Name
(Alphabetical – Last Name)

May 2024
Semestral Project should contain the following:

1. Title Page
2. Journal Entry Vouchers
3. General Journal
4. General Ledger of Cash (As Proof of Cash)
5. Bank Reconciliation Statement
6. Schedule of Outstanding Checks