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Far 102 - Cash - Bank Reconciliation PDF
Far 102 - Cash - Bank Reconciliation PDF
2. The following was provided by Robb Company for the month of June
• Deposits and credit memos recorded by the bank in June, including interest of
P2,500; P480,000
• Total debits to Cash in all journals during June, P555,000
• Deposit In transit as of May 31, P60,000
• Interest Income reflected In the May bank statement, recorded only in the
books in June, P4,000
• Loan proceeds reflected in the May bank statement recorded only in the books
in June, P82,000.
• Direct payment to the bank by Robb Company’s customers. Robb Company was not
informed of the said payment as of June 30, P47,000.
The deposit in transit at June 30 is
5. Arya Company has gathered the following information in relation to its checking
account in Iron Bank for the month of April
• Balance per books April 30, P125,000; per bank statement April 30 P104,000
• Deposits still in transit at April 30 was P47,000
• NSF checks returned by the bank in April was P28,000 and April charges amounted
to P6,000
• Checks issued but have not yet cleared by April was P33,000
• Proceeds form loan directly credited to Arya Company’s account amounted to
P25,000, while interest on deposits amounted to P2,000
Adjusted balance per book Adjusted balance per bank
6. Jamie Company has gathered the following information in relation to its current
account in BPI for the month of June.
• Cash in bank – BPI P147,000; BPI statement balance, P175,500
• Proceeds of note sent by Jamie Company to BPI for collection, P75,000. No
entry has been made when the note was sent for collection.
• Outstanding checks at the end of June, P37,000
• Deposit in transit at the end of June, P62,000
• Customers’ checks totalling P35,000, deposited in June 26 were returned marked
as “Drawn Against Unfunded Deposits”
• A deposit of Jamie Company for P75,000 was recorded by the bank in another
account; subsequently the bank erroneously recorded a deposit for P12,000 of
James Company to Jamie Company’s account.
• Deposits in June 25 for P19,000 was recorded at P14,000; deposits in June 18
for P56,000 was recorded as P65,000.
• Checks written and issued in June 27 for P6,000 was recorded at P600; while
checks written and issued in June 28 for P2,200 was recorded at P22,000.
• Checks issued by Jamie Company for P4,500 was charged erroneously by the bank
against James Company.
• Interest Income for the month of June P3,900; service charges for the Month
of June P2,400.
Adjusted balance per book Adjusted balance per bank
8. The following were provided by Ned Company for the month of August.
• Cash balance per bank statement, August 31, P358,000
• Check to suppliers for P1,350 was recorded in the books as P13,050
• Note including interest of P1,200 collected by the bank and not yet taken up
in the books; P15,400.
• NSF check returned with the bank statement; P22,100
• Customers’ deposits as reflected in the bank statement P7,000 was recorded in
the books as P700.
• Deposit in transit as of August 31, 2016; P62,400
• Check drawn against the account of Nad Company was erroneously debited against
of Ned Company’s account by the bank; P16,200.
• Outstanding checks as of August 31, 2016; P44,300
• Bank service charge for August 2016; P1,900
• Deposit made by Ned Company’s collector was erroneously credited to Kitty
Company by the bank; P9,200.
The unadjusted cash balance per ledger on August 31 is
______ ______ C. P3,000 checks written in November that cleared the bank
in December
______ ______ D. Outstanding checks at December 31, 2016, P4,000
Proceeds of a bank loan of P10,000 was credited by the
______ ______ E. bank to Catelyn Company’s account in November but
recorded by Catelyn Company only in December
10. You have hired as the new assistant controller of Tyrion Company and assigned
the task of proving the cash account balance. As of December 31, 2016, you have
obtained the following information relative to the December cash operations.