Archive about 'Bank Reconciliation'

Answer to Accounting Test Question No 3 &4 On Bank Reconciliation Statement

Answer to Accounting Test Question No 3:
Company A
Bank Reconciliation as at 31 st July 2006 $
Balance as per bank statement at 31 st July 2006 55,262
Add: Deposits in transit / Uncredited deposits 1,300
56,562
Deduct:
Unpresented cheques
Check No
6661 dated July 20th $380
6662 […]

Accounting Test Question No.3&4 On Bank Reconciliation Statement

Accounting Test Question No 3:
In early August 06, Company A received a bank statement which showed a balance of $55,262 as at 31 th July’06. However, its own record showed a balance of $55,597 on the same date.
The following differences are identified:
(i) Deposits amounted to […]

Accounting Test Question No.2 On Bank Reconciliation

Accounting Test Question No.2 On Bank Reconciliation

The following are the transactions from James’s Cash Book for January 2007:-

Cash Book

$

$

Opening b/f
1,478
Payments
16,891

Receipts
16,071
Balance c/d

658

 
17,549

17,549

 
 
You found the following:
(a) bank charges $45 shown on the Bank Statement have not been entered in the Cash Book
(b) a cheque drawn for $59 has been entered in error in the Cash Book as […]

How To/Steps To Prepare A Bank Reconciliation Statement

How To/Steps To Prepare A Bank Reconciliation Statement

The following steps to prepare a bank reconciliation statement are as follows:

When the bookkeeper received the Bank Statement he has to first check all the entries in the […]

Answers To Accounting Question BR No 1 On Bank Reconciliation

Answer to Question No BR1:
Company A
Bank Reconciliation as at 31 st July 2006 $
Balance as per bank statement at 31 st July 2006 55,262
Add: Deposits in transit / Uncredited deposits         1,300
                                                                       56,562
Deduct:
Unpresented cheques
Check No
6661 dated July 20th                                               $380
6662 dated July 27th                                              1,050
Adjusted Bank balance at 31 st July 2006                55,512
Balance as per Bank […]

Accounting Test No BR1: Bank Reconciliation

Question No BR1:
In early August 06, Company A received a bank statement which showed a balance of $55,262 as at 31 th July’06. However, its own record showed a balance of $55,597 on the same date.
The following differences are identified:
(i)      Deposits amounted to $1,300 was not in the bank statement;
(ii)     Two checks were sent to […]

Bank Reconciliation Statement

Why do we need to have a bank reconciliation statement?

Reason For A Bank Reconciliation Statement

Due to the timing of the recording of the receipts and payments in the Cash Book from the recording by the bank, very frequently, a Bank Statement balance may not agree with the balance in the Cash Book.
Hence, a bank reconciliation […]

 

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