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Financial accounting 1

Bank reconciliation

What is bank reconciliation?


Analysisandadjustmentofdifferencesbetweenthecashbalanceshownona
bankstatement,andtheamountshownintheaccountholder'srecords.This
matchingprocessinvolvesmakingallowancesforchecksissuedbutnotyet
presented,andforchecksdepositedbutnotyetclearedorcredited.And,if
discrepanciespersist,findingthecauseandbringingtherecordsintoagreement.

Two opposite sides


Boo
k
debi
t
Ban
k
debi
t

Boo
k
cred
it
Ban
k
cred
it

Illustration
AppleCorporationhasthefollowinginformationforthemonthendedJune30,
2015:
Cashbalancesperbankstatement,June30,2015
Cashbalancepercompanyrecords,June30,2015

249,223.00
248,758.80

Thebankstatementdisclosedthefollowinginformation:
1. Acustomernotefor24,000plus240interestwascollectedonJune30,2015.
2. Acustomercheckfor2,762.80wasreturnedbecauseofinsufficientfunds(NSF
check).
3. Themonthservicechargewas300.

Continuation
Areviewofthecompanyrecorddisclosedthefollowing:

1. Adepositfor22,857.40mailedtothebankonJune29,2015didnotappearonthe
bankstatement.

2. Customercheckstotaling6,548.00wereonhandattheendofJuneawaiting
deposit.

3. ThefollowingcompanycheckswereoutstandingattheendofJune:
#862

1,923.80 #864

2,943.60 #865

5,265.00

4.Check#843writtenfor1,824.00inpaymentofacreditoraccountandincludedwith
thecanceledchecksinthebankstatementhasbeenerroneouslyrecordedas 384in
thecompanyrecords

Take notes!
Book reconciling items
1. Credit memos. Note
collected by bank and
interest income
2. Debit memos. Bank service
charge and NSF check
3. Errors. Erroneous
recording of check #843

Bank reconciling items

1.

Deposit in transit. Cash on hand awaiting for deposits and


cash already deposited but too late to appear in bank
statement.

2.

Outstanding checks. Checks issued to payees by not yet


presented to bank for encashment.

3.

Errors. Erroneous bank debit and credit.

Bulacan Corporation
Bank reconciliation
June 30, 2015
Balance per bank
statement
Add: Deposit in
transit
Checks on
hand

249,22
3.00

Add: Note
collected by bank

22,857.
40
6,548.0
0

Total

Balance per books

29,405.
40

Interest
income

248.75
8.80
24,000.
00
240.00

Total

Deduct:
Outstanding
checks
#862

1,923.8
0

#864

2.943.6

Deduct: Bank
service charge
NSF check
returned
Error I recording

24,240.
00
272,998
.80

300.00
2,762.8
0

Accounting
tutorial
Accounting is an art that
cannot be easily understood. For
the past 2 years of my teaching
experience, I observed many
accountancy and non-accountancy
students got problem in studying
accounting subjects.

About the tutor


He graduated from Kolehiyo Ng Subic on April 2013.
On the same year, he took and passed October Certified
Public Accountant (CPA) board examination by SELFREVIEW! He got an average grade 86.71%. In 2015, he
passed CAT level 1 examination given by National
Institute of Accounting Technician; thus, earning a title
Member of Institute of Certified Bookkeeper in London
(MICB). He is currently practicing his profession in
Academe area. He believe, with proper discipline and
attitude, everyone has an equal chance of passing and even
topping CPA examination.

Contact no. 0946-390-8227

Subjects offered

1.
2.
3.
4.
5.
6.
7.

Basic accounting.
Partnership and corporation accounting.
Financial accounting 1, 2, and 3.
Advanced accounting 1 and 2.
Cost accounting 1 and 2.
Taxation 1 and 2.
Obligations and contracts.

. CPA Board subjects


1. Practical accounting 1 and 2
2. Auditing problems