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- 2. Amoako's cash book showed an overdrawn balance of GHS3,000 on 31 December, 2012 on his current account The balance as per the bank statement was an overdrawn balance of GHS800. Further investigations showed the Following: Cheque drawn amounting to GHS5,000 had not been presented for payment. Cheques amounting to GHS2,500 entered in the cash book as paid into the bank had not yet been cleared by the bank A cheque book costing GHS400 had been charged in the bank statement but not entered in the cash book. A dividend of GHS400 paid direct to the bank had not been recorded in the cash book. A cheque for GHS1,200 drawn on his current account had been charged by the bank to his deposit account. A cheque for GHS500 paid into the bank had been dishonoured and shown as such by the bank, but no entry has been made in the cash book. The payment side of the cash book had been undercast by GHS700. Bank charges of GHS300 entered in the bank statement had not been entered in the cash book. You are…T. Howard's Cash Book at 2020 September 30 showed debit balance at the bank of $1 024 but the Bank Statement at same date had a credit balance of $262.After comparing the Cash Book with the Bank Statement, the following differences were noted: i. An amount of $142 paid into the bank had not yet appeared on the Statement.ii. Bank interest of $60 in respect of an earlier overdraft had been charged by the bank. iii. Cheques issued for $560 had not been presented for payment.iv. A cheque received for $800 and debited in the Cash Book was returned unpaid by the bank because of lack of funds. v. Funds of $1 120 paid into the bank had been entered in the Cash Book as $1 000.vi. The bank had made a standing order payment for insurance of $480 which had not been recorded in the Cash Book.vii. The bank had received by direct credit transfer a payment of $40 due to Howard from G. Keith. Prepare the following:A. Updated Cash Book of T. Howard.B. Bank Reconciliation Statement as at 2021 September…Question 2: Kay Rogan's Cash Book at 30th November 2020 showed an overdrawn position of shs3,630 which did not match with her bank statement. examination of the two records revealed the following: Detailed (a) The debit side of the cash book had been undercast by shs300. (b) A cheque for shs1,560 in favour of Z Suppliers Ltd., had been omitted by the bank from its statement, the cheque having been debited to another customer's account. (c) A lodgement of shs1080 on 30th November had not been credited by the bank. (d) Interest amounting to shs228 had been debited by the bank but not entered in the cash book. Required: Reconcile the balance of the cash book and bank statement to the corrected bank balance. Reconcile the cash book balance to the balance of the bank.
- As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-On March 31, 2021 the bank column of the cashbook of showed a credit balance of P118,100 (Overdraft). On examining of the cash book and the bank statement, it was found that: a) Cheques received and recorded in the cashbook but not sent to the bank of collection P12,400. b) Payment received from a customer directly by the bank P27,300 but no entry was made in the cashbook. c) Cheques issued for P175,200 not presented for payment. d) Interest of P8,800 charged by the bank was not entered in the cashbook. Prepare bank reconciliation statement.The bank balance of John did not agree with the cash book debit balance of1,365,000 as at 31 July 2022. On comparing the bank statement and the cash book he found the following differences: The unpresented cheques amounted to 174000 Cheques amounting to278000banked on 29th July were not credited by the bank until 3rd October 2022. Bank charges amounting to 24000 had been debited in the bank account. Interest of 31000 on fixed deposit had been credited to the account by the bank. A cheque of 75000 deposited on20th may was returned unpaid. Standing order amounting to 95000 had been paid by the bank. A cheque of 74000 had been credited in the cash book as 47000 Required: Adjusted cash book Bank reconciliation statement Show the journal entries necessary to correct the following errors: Rent Received sh 2500 have been credited to the Commissions Received account. Bank charges sh 500 have been debited to the Business…
- As on 31 May 2005 the deposits awaiting clearance is RO18,240 and cheques yet to be presented for payment is RO21,590; while the bank balance as recorded in the Cash book was RO9,480. How much should be the bank balance as on 31 May 2005 as per bank statement? a. RO 12830 b. RO 6130 c. RO 12830 overdraft d. RO 6130 Overdraft22.Abdulla's cash book (bank column) had a debit balance of $ 515 on 30 April 2003. This did not agree with the bank statement of the same date which showed a balance of $290. The cash book was chedcked against the bank statement and the following differences were found: • Cheques totaling $ 620 issued to trade payables had not been presented to the bank for payment. An amount of $ 950 paid into the bank did not appear on the bank statement. Cash sales deposited into the bank amounting to $390 had been omitted from the cash book. The bank had received $ 150 by credit transfer (bank giro) from Klerk for Abdulla's account. Abdulla had not been advised. • Acheque for $ 315 received from Joseph had been paid into the bank but it had now been returned unpaid. No action has been taken by Abdulla. The following transaction by the bank had not been recorded in the cash book: bank charges $ 120 (a) Prepare an updated and balanced cash book Abdulla Cashbook Date Details Date Details (101*P7.13 (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts…
- 6. Simon's Cash Book shows a DR balance of GH¢240, his bank statement shows an overdraft of GHE100. Upon thorough investigation by Simon, the following findings were made: i. Simon had omitted standing orders totalling GH¢175 and bapk charges of GH¢7 from his cash book. i. A cheque for GH¢76 from a debtor was dishonoured iii. Simon had transferred GH¢500 from his deposit account to his current account, but the bank had performed the reverse transfer iv. Simon had brought forward a total of GH¢2,154 on the receipts side of the cash book as GH ¢1,254 Outstanding cheques, excluding those written bank, totalled GH¢750 V. vi. Uncleared lodgements totalled GH¢724 vii. In the previous month, Simon had written back old cheques totalling GH¢34 without telling the bank that these were to be cancelled. One of these cheques, for GH¢8 was presented for payment and appeared on the bank statement. Required: Show the adjustments to be made to the cash book and produce a bank reconciliation statement.…The bank statement of the Fast Company shows a balance of GHC10,000 on 31 January 2019 whereas the company's cash book shows a balance of GHC8,525. The following reasons have been identified for this discrepancy. An amount of GHC822 sent to the bank for deposit on January 31, 2019 does not appear in the bank statement. The following checks issued during the month of January have not yet been cleared by the bank. Check No: 201, Issue date: 15 January 2015, Amount; GHC200; Check No: 212, Issue date: 19 January 2015, Amount; GHC20; Check No: 216, Issue date: 25 January 2015, Amount; GHC610; A note receivable amounting to GHC1,588 has been collected by bank for the company. The bank statement shows that interest amounting to GHC50 has been earned on average account balance during January. The bank has charged GHC10 for the collection of a note. A check of GHC100 deposited by the company has been charged back as NSF. An amount of GHC25 has been deducted by bank as service charges for the…The following Information was avallable to reconcile Montrose Company's book balance of Cash with Its bank statement balance as of October 31, 2020: a. After all posting was completed on October 31, the company's Cash account had a $13,219 debit balance but its bank statement showed a $29,355 balance. b. Cheques #296 for $1,334 and #307 for $12,754 were outstandıng on the September 30 bank reconcilliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in October, were not among the cancelled cheques returned with the statement. c. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, It was found that cheque #320 for the October rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,90o. d. A credit memo enciosed with the bank statement Indicated that there was an electronic…