Financial accounting I – Reconciliation statement
BBA | BBA-BI | BBA-TT | BCIS 1st
PU 2013 Fall Q. No. 2a
The Bank statement for Ncell Company Ltd. shows a balance of Rs. 1,59,070.45 on June 30, 2002. On this date the balance of cash as per books is Rs. 1,15,890.45. The following reconciling items are determined:
i. Deposit in transit : June 30 deposit (received by bank on May 1) Rs. 22,010.40.
No. 453 Rs. 30,000.00
No. 457 Rs. 14,010.30
No. 460 Rs. 15,020.70
iii. Errors: Check No. 43 was correctly written by the company for Rs. 12,260 and was correctly paid by the bank. However, the company it its books recorded it for Rs. 12,620.
iv. Bank memoranda:
Debit-NSF check for Mr. Sharma for Rs. 4,250.60
Debit-Bank Charge Rs. 300.00
Credit – collection of notes receivable for Rs. 10,000 plus interest earned Rs. 500, less bank collection charge of Rs. 150.00
Required: Bank reconciliation statement and how much adjusted cash balance would be presented in balance sheet as on June 30, 2002.
Bank Reconciliation Statement
As on June 30, 2002
|Balance as per bank statement|
Add: Deposit in transit
Less: Outstanding checks
Check No. 453
|Adjusted balance as per bank statement||Rs. 1,22,049.85|
|Balance as per company’s book|
Add: Notes receivable
Add: Interest on notes receivable
Add: Errors in recording
Less: Bank collection charge
Less: Debit-bank charge
Less: NSF check
|Adjusted balance as per company’s book||Rs. 1,22,049.85|
The adjusted balance provided by the bank reconciliation statement of the Ncell Company is Rs. 1,22,049.85. Hence, the adjusted balance Rs. 1,22,049.85 would be presented in the balance as on June 30, 2002, of the Ncell Company.