Petty cash fund 6,700.00 BPI current account 1,086,000.00 Security Bank current account No. 1 1,280,000.00 Security Bank current account No. 2 (40,000.00) PNB time deposit 300,000.00 Cash and cash equivalents 2,914,700.00
Problem 2
Deposit in transit per bank recon 175,250.00
Postdated check (50,000.00) Correct deposit in transit 125,250.00
Deposits in transit 125,250.00 Outstanding checks (194,790.00) Error (30,000.00) Adjusted cash in bank balance 250,460.00
Balance per General Ledger 293,500.00
Note collected by the bank 15,000.00 Error: undelivered checks 14,750.00 Error: postdated checks to supplier 37,210.00 Error: postdated customers's check (50,000.00) Adjusted balance per General Ledger 310,460.00
Adjusted cash in bank balance 250,460.00
Adjusted balance per General Ledger (310,460.00) Shortage (60,000.00)
Problem 3 Problem invalidated due to corrections not given
November Receipts Disbursement December
Balance per bank 14,010.00 281,070.00 275,450.00 19,630.00 Bank reconciling items: Depositin transit: November 2,740.00 (2,740.00) December 3,110.00 3,110.00 Outstanding checks November: (4,260.00) (4,260.00) December: 3,170.00 (3,170.00) Error (2,010.00) 2,010.00
Book reconciling items:
(reversal rule) Credit memo: November (1,200.00) 1,200.00 December (1,600.00) (1,600.00) Debit memo: Bank charges not in books November 950.00 950.00 December (640.00) 640.00 NSF checks: NSF check returned on December (800.00) 800.00 NSF check returned in November and recorded in December 1,050.00 (1,050.00) NSF check returned and recorded in December (900.00) (900.00) Receipt paid out in cash 750.00 750.00 Error in recording customer's check (300.00) (300.00) Error in disbursements journal 2,925.00 (2,925.00) Balance per books 13,290.00 279,540.00 274,635.00 18,195.00
November balance per bank 14,010.00
Dec. receipts per bank statement 281,070.00 Dec. disbursements (SQUEEZE) 275,720.00 December balance per bank 19,360.00 Outstanding checks - Dec 31 3,870.00 Less: Certified check (700.00) Net Outstanding checks - Dec 31 3,170.00