Solved Example[2] – Bank reconciliation statement
Solved Example [2] ¨C Bank reconciliation statement
Rocky¡¯s Cash Book (Bank Column only) for the month of June 2008 was as follows:
Dr.
($)
June 1
June 14
June 26
June 30
Balance b/f
Cash
Roby
Balance
Cr.
600 June 3
225 June 19
60 June 23
450
1410
($)
Tim
Sam
Rakesh
90
270
1050
1410
The following Bank Statement was received in early July 2008:
2008
Details
Payments
Receipts
June 1 Balance brought forward
1
14
15
20
21
26
29
30
Error corrected-contra 31
May
Cash
Tim
Banker¡¯s Order-fire
insurance
Sam
Roby
Unpaid cheque ¨CRoby
Dividend
Balance
520
80
600
225
825
735
650
90
85
270
60
60
90
380
440
380
470
You may assume that the bank balance was successfully reconciled at the end of March.
a) Bring the Cash Book up to date, starting with the balance at 30 June 2008.
b) Prepare a Statement, under its correct title, to reconcile the difference between your
amended Cash Book balance and the balance in the Bank Statement on 30 June 2008.
c) State the amount of the up-dated bank balance.
?
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Solution
(a)Cash Book
2008
June Dividend
30
Balance c/f (adjusted)
($)
90
505
June Balance b/f
30
Bankers¡¯ Order
Dishonoured Cheque
595
($)
450
85
60
595
(b)Bank Reconciliation Statement
Balance as per Bank Statement (Credit)
Add Uncredited Deposits
Less Unpresented Cheques
Balance as per Cash Book (Credit)
(c)
($)
470
75
545
1050
505
The amount of the up-dated balance is $505 (credit balance as per Cash Book)
Hint 1
This is a credit balance i.e. an overdraft
Hint 2
This entry has already appeared in Cash Book in May. Note the date 31 May. Note also the difference
between opening balance in Cash Book ($600) and opening balance in Bank Statement ($520) is $80.
So no adjustments in June.
Hint 3
This is a credit balance. A credit balance in Bank Statement is equivalent to a debit balance in Cash
Book.
Hint 4
Updated means, after all necessary adjustments have been made.
?
This worksheet has been downloaded from . Home to IGCSE Business Studies, Economics ,Accounting & ICT revision.
Loaded with interactive quizzes, business news, study notes, case studies and lot of goodies for teachers and students.
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