Question

Question 2 The bank portion of the bank reconciliation for Suka Suka Berhad at September 30, 2014, was as follows. Suka Suka Berhad Bank Reconciliation September 30, 2014 Bank statement balance Add: Deposits in transit RM 5,800 240 6,040 Less: Outstanding cheques Cheque Number 1047 1048 1049 Adjusted bank balance Cheque Amount RM 1,200 830 1,750 3,780 2.260 The adjusted bank balance agreed with the book balance at September 30.

Answer 1

$10 $70 Bank Reconciliation is a process of identifying the difference that exist between the company's bank balance as per bank statement supplied by bank and cash balance as per company's accounting records. Ans 1 Suka Suka Berhad Bank Reconciliation October 31 Particulars Amount Amount Ans 2 Journal Entry Bank Balance Oct, 31 $4,880 Sr.No Date Particulars Debit Credit Add: 1 October 31 Cash $560 Deposit in Transit dated 28/10 $6,010 Bank Charges Deposit in Transit dated 29/10 $2,450 $8,460 Notes Receivable $500 $13,340 Interest Income Deduct: (To record repayment of notes receivable) Error in posting $3,620 2 October 31 Offie Equipment Outstanding Checks # 1049 $1,750 Cash $40 Outstanding Checks # 1055 $4,480 (To record payment for Utilities) Outstanding Checks # 1057 $2,960 October 31 Accounts Receivable $4,230 Total Deduction ($12,810) Cash $4,230 Adjusted Bank Balance $530 (To Record NSF check) October 31 Bank Charges $50 Balance Oct, 31 $4,290 Cash Add: (To Record bank service charges) Interest $10 Bank Collection of Note Receivable including interest of $60 and collection charge is $10 $550 $560 $4,850 Deduct: Error in posting (RM 5150 - RM 5110] $40 NSF Check $4,230 Bank Service Charge $50 Total Deduction ($4,320) Adjusted Book Balance $530 Cash $50