El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at...

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El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month Required: 1. Prepare a bank reconciliation for the El Gato checking account at December 31, 2021. 2. Prepare any necessary ad

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Answer 1

Answer #1

Answer for (Q-1)
		Bank Reconciliation statement
				Amount( in $)

	Balance as per bank statement			3850

	Add:
	Deposits Outstanding			3692

	Deduct:
	Outstanding Checks			935
	Bank Errors			1400

	Corrected Cash Balance			5207

	Balance as per Books			4428
	Add:
	Unaccounted Cheques to be entered in Bank Book			1432

	Deduct
	Services charges			23
	Error in recording check			180
	NSF Check			450

	Correct book balance			5207

Answer for (Q-2)
		Particulars	Amount( in $)	Amount( in $)
1	Bank Charges		23
	To Bank A/c			23
	(Being bank charges are entered)

2	Sundry Debtors(NSF Checks)		450
	To Bank A/c			450
	(Being cheques were returned)

3	Advertisements A/c		180
	To Bank A/c			180
	(Error in recording check)

4	Bank A/c		1432
	To Sundry debtors A/c			1432
	(Being unaccounted sundry debtors were were accounted for)

5	Bank A/c		1400
	To Los Gatos Company			1400
	(Being wrongly credited to bank A/c)

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Answer 2

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