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Bank Reconciliation - Sample Problem
Bank Reconciliation - Sample Problem
The cash records of Company X show the following for the month of January.
The balance of the Cash in Bank of the depositor’s book is Php 50,000.
Bank Statement
The following is the bank statement for January received from the First Bank:
The following data are gathered in connection with the CM and DM appearing on the bank statement:
a. The CM of Php 15,000 on January 26 represents proceeds of note collected by the bank in favor
of the company.
b. The RT of Php 5,000 represents check of customer deposited previously but returned by the bank
because of “No Sufficient Fund” or NSF.
Solution:
Adjusting Entries: