On November 30, Brown Sugar Plc has the below information related to cheques and cash:The bank balance as per the accounting records of the company, amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758Collected cash of $6244 on November 30 will be transferred to the Bank on December 1.In the Bank Statement there is a credit of $167 showed as Interest Earned for November.There are two outstanding cheques #921 of amount $964 and #925 of amount $1085.In the Bank Statement, there is a debit of $14 shown as Bank Service Charges, Non-Sufficient-Funds Cheque of Mr. Sweet with $700.Required:Prepare a Bank Reconciliation statement on November 30Prepare the necessary journal entries after the preparation of the Bank Reconciliation

Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Answered: On November 30, Brown Sugar Plc has the…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 1PB

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On November 30, Brown Sugar Plc has the below information related to cheques and cash:

The bank balance as per the accounting records of the company, amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758
Collected cash of $6244 on November 30 will be transferred to the Bank on December 1.
In the Bank Statement there is a credit of $167 showed as Interest Earned for November.
There are two outstanding cheques #921 of amount $964 and #925 of amount $1085.
In the Bank Statement, there is a debit of $14 shown as Bank Service Charges, Non-Sufficient-Funds Cheque of Mr. Sweet with $700.

Required:

Prepare a Bank Reconciliation statement on November 30
Prepare the necessary journal entries after the preparation of the Bank Reconciliation

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