Robson Towels Ltd offers a complete range of towels. The balance of the Cash at Bank account in the general ledger was $31,856 on 31 December 2008. Cheques issued by the company but not presented to the bank amounted to $380. Due to the busy Christmas period, the company has not deposited $550 cash received from customers by the end of December, but this has been included in income for the month.
During the reconciliation process, it was discovered that $90 worth of bank fees had not been recorded in the cash journals and the bank had incorrectly recorded a cheque written by the company for $87 as $78. The bank statement showed the balance of cash as of 31 December 2008 as $31,605.
a)Prepare the bank reconciliation statement at 31 December 2008. Give your answers in dollars to the nearest dollar.
b)Prepare the journal entry to record bank fees for the month of December 2008.
ans for A.
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Robson Towels Limited
Bank Reconciliation
31 December 2008
Ending balance per bank statement
Add
Less
Adjusted bank balance
唔識bank reconciliation statement >< help!!!
2008-04-23 5:25 am
回答 (2)
2008-04-23 5:54 am
✔ 最佳答案
ANSWER FOR A:Robson Towels Limited
Bank Reconciliation
31 December 2008
Ending balance per bank statement 31,605
Add:
Cash not yet deposited into the bank 550
Less:
Outstanding cheque issued (380)
Incorrect amount charged by bank ( 9)
Adjusted bank balance 31,766
Balance per GL 31,856
Less: Bank charges ( 90)
Adjusted balance per G/L 31,766
唔明幾時要add幾時要less?
When preparing the bank reconciliation, read the question carefully and think of whether or not the differences have been recorded by the bank. For example, if a cash has not yet been disposited into the bank, add back in the bank balance; if a cheque has been issued but has not been cleared by the bank, then deduct the balance in the bank balance.
ANSWER FOR B:
Dr. Bank charges 90
Cr. Bank account 90
Since the bank charges have not been recorded by the Company, debit the related bank fee as an expense to the income statement and credit the bank account for the cash charged by the bank.
參考: me
2008-04-23 5:41 am
(a) Ending balance per bank statement $31,605
Add:
(1) cash in transit $550
(2) bank fees $90
Less:
(1) unpresented cheque ($380)
(2) posting error ($9)
Adjusted bank balance $31,856
(b) Journal entries for bank fees:
Dr Bank charges $90
Cr Cash at bank $90
Add:
(1) cash in transit $550
(2) bank fees $90
Less:
(1) unpresented cheque ($380)
(2) posting error ($9)
Adjusted bank balance $31,856
(b) Journal entries for bank fees:
Dr Bank charges $90
Cr Cash at bank $90
參考: myself
收錄日期: 2021-04-16 23:16:04
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