Accounting 102 Bank Reconciliation Group Seatwork: Problem 1

ACCOUNTING 102
BANK RECONCILIATION
GROUP SEATWORK
Problem 1
In preparing its bank reconciliation at December 31, 2018, JASPER IAN Company has the following
available data:
Balance per bank statement, December 31, 2018 P 38,075

Deposit in transit, December 31, 2018 5,200
Outstanding checks, December 31, 2018 6,750
Amount erroneously credited by bank to Jasper Ian’s account,
December 28,2018 400
Bank service charges for December 75
1. How much is JASPER IAN’s adjusted cash in bank balance at December 31, 2018?
a. P36,050
b. P36,125
c. P36,450
d. P36,525
Problem 2
While checking the cash accounts of CRISTEL JEAN Company on December 31, 2018, you find the
following information:
Balance per books P67,760

Balance in checking account (outstanding checks
per books of P9,876) 65,323
Deposit in bank closed by BSP 16,000
Deposit in transit 12,345
Currency and coins counted 9,500
Petty cash fund (of which P450 is in the form of
paid vouchers) 1,000
Bank charges not yet taken up in the books 58
Bond sinking fund-cash 10,000
Receivables from employees 700
Book error in recording a check, the correct
amount as paid by the bank is P890 instead of P980
as recoded in the books, or a difference of 90
2. What is the correct cash in bank balance for Cristel Jean Company on December 31, 2018?
a. P55,415
b. P67,792
c. P70,229
d. P83,792
3. What is the correct cash on hand balance for Cristel Jean Company on December 31, 2018?
a. P9,500
b. P10,050
c. P12,895
d. P19,500
Problem 3
Shown below is the bank reconciliation for ANGELICA Company for May 2018:
Balance per bank, May 31, 2018 P75,000
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Add: Deposits in transit 12,000
Total 87,000
Less: Outstanding checks P14,000
Bank credit recorded in error 5,000 19,000
Cash balance per book, May 31, 2018 P68,000
The bank statement for June 2018 contains the following data:
Total deposits P 55,000

Total charges, including an NSF check of
P4,000 and a service charge of P200 48,000
All outstanding checks on May 31, 2018, including the bank credit, were cleared in bank in June 2018.
There were outstanding checks of P15,000 and deposits in transit of P19,000 on June 30, 2018.
4. What is the cash balance per bank on June 30, 2018?

a. P75,000
b. P82,000
c. P86,000
d. P86,200
5. What is the cash balance per books on June 30, 2018?

a. P73,800
b. P88,200
c. P90,200
d. P94,400
Problem 4
As of June 30, 2018, the bank statement of MARY YVONNE Trading had an ending balance of
P373,612. The following data were assembled in the course of reconciling the bank balance:
 The bank erroneously credited Mary Yvonne Trading for P2,150 on June 19.
 During the month, the bank charged NSF checks amounting to P2,340 of which P800 had been
redeposited on the 24th of June.
 Collection for June 30 totaling P10,330 was deposited the following month.
 Checks outstanding as of June 30 were P30,205.
 Notes collected by the bank for Mary Yvonne Trading were P8,150 and the corresponding bank
charges were P50.
6. What is the adjusted bank balance on June 30, 2018?

a. P351,587
b. P353,927
c. P358,147
d. P359,687
Problem 5
JANE Company had the following bank reconciliation at March 31, 2018:
Balance per bank statement P46,500

Add: Deposit in transit 10,300
P56,800
Less: Outstanding checks 12,600
Balance per book, March 31, 2018 P44,200
Data per bank statement for the month of April, 2018 follow:
Deposits P 58,400
Disbursements 49,700
All reconciliation items at March 31, 2018 cleared through the bank in April. Outstanding checks at April
30, 2018 total P7,500.
7. What is the amount of cash disbursements per book in April?

a. P44,600
b. P49,700
c. P54,800
d. P57,200
8. What is the cash balance per books at April 30, 2018?

a. P47,700
b. P52,900
c. P55,200
d. P58,500
Problem 6
MA. CRISELIA Company is preparing its March 31 bank reconciliation. The following data are
available:
From the February 28 bank reconciliation:

Deposits in transit, P1,700
Outstanding checks, P3,900
March data: Per Bank Per Book
Balance, February 28 P74,140 P71,940
March deposits reflected 47,600 49,000
March checks reflected (61,700)* (61,000)
Note collected (including P200 interest) 20,000
Service charge (120)
Balance, March 31 P79,920 P59,940
*Erroneously includes a check drawn in transit at March 31
9. How much is the deposits in transit at March 31?

a. P300
b. P1,400
c. P3,100
d. P4,500
10. How much is the outstanding checks at March 31?

a. P4,700
b. P6,200
c. P6,900
d. P8,600
Problem 7
CHEDDIE, Inc. reported a balance of P43,000 in its Cash account at the end of the month. There were
P20,000 deposits in transit and P15,000 outstanding checks. The bank statement showed a balance of
P50,000, including a note with face value of P15,000 and a P6,000 service charge.
11. How much is the interest on the note collected by the bank?
a. P3,000
b. P6,000
c. P9,000
d. P12,000
Problem 8
In preparing its bank reconciliation for the month on December 2018, R-JAY Company has the following
information:
Balance per bank statement, December 31 P 396,550

Deposit in transit, December 31 68,750
Outstanding checks, December 31 63,250
Promotion’s account erroneously credited by bank on 2,750
December 19
Bank service charges for December 550
12. What amount should be the balance of cash at December 31?

a. P387,750
b. P398,750
c. P399,300
d. P402,050
Problem 9
Reconciliation of ANGELYN GRACE Company’s bank account at May 31 was as follows:
Balance per bank statement P 105,000

Deposits in transit 15,000
Checks outstanding (1,500)
Correct cash balance P 118,500
Balance per books P 118,640

Bank service charge (140)
Correct cash balance, May 31 P 118,500
June data are as follows:
Bank Books
Checks recorded P115,000 P118,000
Deposits recorded 81,000 90,000
Service charges recorded 120 --
Collection by bank (P20,000 note plus interest) 21,000
NSF check returned with June 30 statement 500

(for redeposit, assumed to be good)
Balances, June 30 91,380 90,500
13. How much is the outstanding checks at June 30?

a. P(1,500)
b. P1,500
c. P3,000
d. P4,500
Problem 10
The cashier of JUBILEE ANN Company misplaced all the bank statements for the past years. You
reviewed the accounting records and discovered that the following journal entries were made to reconcile
the June 30, 2018 bank records and accounting records.
Accounts Receivable 76,012

Miscellaneous Expense 625
Notes Receivable P10,000
Interest Revenue 500
Cash 66,137
Pre-adjustment cash balance in the accounting records was P371,023.50, outstanding checks were
P10,375 and no other adjustments were required.
14. What is the balance of the cash account per bank statement as of June 30, 2018?
a. P304,886.50
b. P315,261.50
c. P371,023.50
d. P381,523.50
Problem 11
LANDEE LYN Company prepares a 4-column bank reconciliation. Check No. 143 was written for
P66,700 in the books but the check cleared the bank for the correct amount of P75,700.
15. What would be the correct treatment in the reconciliation?

a. On the book side, deduct P9,000 from payments and add P9,000 to ending balance.
b. On the book side, add P9,000 to payments and deduct P9,000 from the ending balance.
c. On the bank side, deduct P9,000 from payments and deduct P9,000 to ending balance.
d. On the bank side, add P9,000 to receipts and add P9,000 to ending balance.
Problem 12
MIKE ANGELO Corporation keeps all its cash in checking account. An examination of the Company’s
accounting records and bank statement for the month ended December 31, 2018 revealed the following
information:
The cash balance as of December 31, 2018 represents:
Bank statement balance P84,690

Book balance 85,240
A deposit of P9,500 though the bank’s night depository box on December 29, 2018 did not appear on the
bank statement. The bank statement shows that on December 28, 2018, the bank collected a note for Mike
Angelo and credited the proceeds of P9,350 to the Company’s account. The proceeds include P350
interest, all of which Mike Angelo earned during the current accounting period. Mike Angelo had not yet
recorded the collection.
Checks outstanding on December 31, 2018:
No. 504 P 1,500

No. 509 480
No. 519 720
Mike Angelo discovered that check no. 523, written in December 2018 for P1,830 in payment to a
supplier, had been recorded in the company’s records as P1,380.
Included with the December 31, 2018 bank statement was an NSF check for P2,500 that Mike Angelo had
received from Landee Lyn Company on account on December 19. Mike Angelo has not yet recorded the
returned check. The bank statement shows a P150 service charge for December.
16. What should be the journal entry to adjust the cash balance as of December 31, 2018?
a. Credit to cash of P3,100
b. Net credit to cash of P6,250
c. Net debit to cash of P6,250
d. Debit to cash of P9,350
Problem 13
Shown below is the bank reconciliation for IVY Company for May 2018:
Balance per bank, May 31, 2018 P 300,000

Deposit in transit 48,000
Outstanding checks (56,000)
Bank credit recorded in error (20,000)
Cash balance per book, May 31, 2018 P272,000
The bank statement for June 2018 contains the following data:
Total deposits P 220,000

Total charges, including an NSF of P16,000 and
service charge of P800 192,000
All outstanding checks on April 30, including the bank credit, were cleared in the bank on May 31. There
were outstanding checks of P60,000 and deposits in transit of P76,000 on May 31, 2018.
17. What is the cash balance per bank on June 30, 2018?
a. P300,000
b. P328,000
c. P344,000
d. P344,800
Problem 14
In reconciling the Cash in bank of JAY MARK Company with the bank statement balance for the month
of November 2018, the following data are summarized:
Book debits for November, including October CM

for note collected, P60,000 P800,000
Book credits for November, including NSF of P20,000
and service charge of P800 for October 620,000
Bank credits for November including CM for November
for bank loan of P100,000 and October deposit in transit
for P80,000 700,000
Bank debits for November including October outstanding
checks of P170,800 and November service charge of P200 600,000
18. What is the amount of outstanding checks for November?

a. P20,000
b. P170,200
c. P171,000
d. P191,000
19. How much is the deposit in transit for the month of November?
a. P40,000
b. P100,000
c. P140,000
d. P220,000
Problem 15
The following information was included in the bank reconciliation for DIANNE Company for June;
Checks and charges recorded by bank in June (including a June service charge of P300), P172,100:
Service Charge made by bank in May and recorded on the books in June, P200; Total of credits to cash in
all journals during June, P198,020; Customer’s NSF check returned as a bank charge in June (no entry
made on books), P1,000; Customer’s NSF check returned in May and redeposited in June (no entry made
on books in either May or June), P2,500; Outstanding checks at June, P80,600 and deposit in transit in
June, P6,000.
20. What were the total outstanding checks at the beginning of June?
a. P33,600
b. P43,500
c. P53,580
d. P60,200
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ACCOUNTING 102

Balance per bank statement, December 31, 2018 P 38,075

Balance per books P67,760

Balance per bank, May 31, 2018 P75,000

Total deposits P 55,000

4. What is the cash balance per bank on June 30, 2018?

5. What is the cash balance per books on June 30, 2018?

6. What is the adjusted bank balance on June 30, 2018?

Balance per bank statement P46,500

7. What is the amount of cash disbursements per book in April?

8. What is the cash balance per books at April 30, 2018?

From the February 28 bank reconciliation:

*Erroneously includes a check drawn in transit at March 31

9. How much is the deposits in transit at March 31?

10. How much is the outstanding checks at March 31?

Balance per bank statement, December 31 P 396,550

12. What amount should be the balance of cash at December 31?

Reconciliation of ANGELYN GRACE Company’s bank account at May 31 was as follows:

Balance per bank statement P 105,000

Balance per books P 118,640

June data are as follows:

NSF check returned with June 30 statement 500

13. How much is the outstanding checks at June 30?

Accounts Receivable 76,012

15. What would be the correct treatment in the reconciliation?

The cash balance as of December 31, 2018 represents:

Bank statement balance P84,690

Checks outstanding on December 31, 2018:

No. 504 P 1,500

Balance per bank, May 31, 2018 P 300,000

Total deposits P 220,000

Book debits for November, including October CM

18. What is the amount of outstanding checks for November?

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