Direction: Prepare a bank reconciliation statement of the given information below. (Please refer to the picture) I.OBJECTIVES:1. Prepare a bank reconciliation statementI.TOPIC: Bank ReconciliationIII. Direction:Prepare a bank reconciliation statement of the given information below.1. The bank statement for Juan Company shows a balance per bank of P15,907.45 on April 30,2015.On this date the balance of cash per books is P11,589.45.Additional information is provided below:Deposits in transit: April 30 deposit (received by the bank on May 1) P2,201.40Outstanding checks: No. 453-P3,000.00No. 457-P1,401.30No. 460-P1,502.70Errors: Juan wrote check no. 443 for P1,226.00 and the bank correctly paid that amount. However, herecorded the check as P1,262.00.Bank memoranda:Debit- NSF check from Pedro P425.60Debit- Charge for printing company checks P30.00Credit- Collection of note receivable for P1,000 plus interest earned of P50, less bank collection fee ofP15.00.Required: Prepare a bank reconciliation statement using the adjusted method.Hint: Bank Debit Memo are deductions made by the bank to the account of the depositor Bank CreditMemo are additions made by the bank to the account of the depositor.2. The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worthP56,000.00 and outstanding check worth P12,000.00. The bank statement received from the bank showsthat the interest income worth P37,000.00 was credited and the service charge of P19,000.00 wasdeducted.Required:1. How much is the adjusted cash balance for the period?2. How much is the unadjusted bank balance? with the bank statement balance, it provides added comfort that the bank transactions have been• Monthly preparation of bank reconciliation assists in the regular monitoring of cash flows of a business- If the bank balance appearing Into be correct by comparing itrecorded correctly in the company records.There three methods of preparing bank reconcilliation statement, namely:a Adiusted Method wherein the balances per bainik aind per book are separately determinedb. Book to Bank Method wherein the book balaince is adijusted to agree with the bank balanceC Bank to Book Method wherein the bank balance is adijusted to agree with book balanceIn this lesson, you will be using adjusted method. The two remaining methods will be discussed in higheraccounting subjects in case you wish to pursue an accounting degree. In practice anyway, the adjustedmethod is the commonly used method.The most common format of a bank reconciliation statement is shown below.JUAN COMPANYBANK RECONCILIATION STATEMENTAPRIL 30, 20XXXXXXUnadjusted Book BalanceUnadjusted Bank BalanceXXBank Debit MemoDeposit in TransitXXXXNSF CheckOutstanding ChecksXXPrinting ChargeBank Credit MemoXXCollectionXXErorsXXXXAdjusted Book BalanceAdjusted Book Balance

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