INTEGRATED SCHOOL

SENIOR HIGH SCHOOL

AY 2019 - 2020
Score:
FUNDA 2 25
April 6 - 13, 2020

I. REVIEW QUESTIONS
Analyze each question and answer it in a logical way. Limit your answers in 5-6 sentences.
Write your answer on your notebook or any available paper. STRICTLY NO ERASURES
ALLOWED. (5 points each)

RUBRIC:

5 Main idea stands out and is

supported by detailed information.
3 Main idea is clear, but the
supporting information is general.
2 Main idea is somewhat clear but,
but there is a need for more
supporting information.
1 The main idea is not clear. There is
a seemingly random collection of
information.

1) How is an error in accounting records committed by a depositor of a bank treated in a Bank Reconciliation
Statement?
2) How is an error committed by the bank on the account of a depositor treated in a Bank Reconciliation
Statement?
3) In a bank reconciliation towards adjusted or correct book balance, what is the source of the adjusting or
correcting entry in the books of accounts of the depositor, the reconciling item on the side of the depositor or
the reconciling item on the side of the bank?
4) When reconciling items had been identified, should there be journal entries? In all cases? Explain your answer.
5) Is the bank reconciliation statement prepared every end of the month or at the end of the year only?

II. PROBLEM SOLVING.

Read and comprehend the data properly. Answer what is asked and write your detailed
solutions on your notebook or any available paper. STRICTLY NO ERASURES ALLOWED. (45
points)

A. Prepare a check dated today for sixty thousand five hundred pesos, payable to Ms. Lourdes de la Cruz.

B. Prepare a Bank Reconciliation Statement and if journal entries are needed, make the journal entries.

Cash in bank, per books of account P148, 000

Bank balance, per bank statement 129, 000
Deposit in transit 20, 000
Outstanding check 3, 000
Erroneous debit to depositor’s bank 2, 0000
records for check issued by another