Financial accounting I – Bank Reconciliation statement
BBA | BBA-BI | BBA-TT | BCIS 1st
PU 2017 Spring Q. No. 13
The following information is available for Worthy Company on June 30, 2017.
a. The balance in cash as reported on the June 30, 2017, bank statement is Rs. 5,654.98
b. Worthy company made a deposit of Rs. 865 that is no reported on the bank statement.
c. A comparison between the cancelled checks returned with the bank statement and worthy’s records indicated that two checks had not yet been returned to the bank for payment. The amount of two checks were Rs. 236.77 and Rs. 116.80
d. The cash account on the company’s book reported a balance on June 30, 2017 of Rs. 4165.66
e. The company rented some surplus space to tenant @ Rs. 1500 per month and the tenant directly paid into bank on June 30.
f. Interest earned on the saving account and added worthy’s account during the month of June was Rs. 11.75
g. Bank service charges were Rs. 15 for the month of June as reflected on the bank statement.
f. A comparison between the checks returned with the bank statement and the company’s records revealed that a check written by the company in the amount of Rs. 56 was recorded by the company erroneously as a check for Rs. 56.
i. Bank reconciliation statement on June 30.
ii. How much amount should company report on balance sheet 
Bank reconciliation statement
As on June 30, 2017
|Balance as per bank statement|
Add: Deposit in transit
Less: Outstanding checks (236.77 + 116.80)
|Adjusted balance as per bank statement||Rs. 6,166.41|
|Balance as per company’s book|
Add: Rent collected by the bank
Add: Interest collected by the bank
Add: Errors in recording
Less: Bank service charge
|Adjusted balance as per company’s book||Rs. 6,166.41|
ii. The adjusted balance provided by the bank reconciliation statement is Rs. 6,166.41. Hence, Rs. 6,166.41 would be presented in the balance sheet.