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Bank Reconciliation

Bank Reconciliation

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 44E
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Problems on Bank Reconciliation

Q4 Bank Pass book of Al Noor Industries LLC showed a credit balance of RO 27,350 on July 31,2018. The following differences were found on that date between the cash book and the pass book:

-Cheques issued before July 31,2018, amounting to RO19,000 had not been presented for payment.

-Two cheques of RO 5,000 and RO 3,500 were deposited into bank on July 31, but the bank gives credit for the same in August.

-Insurance premium directly paid by bank RO 5,000.

-RO 2,000 wrongly debited to the firm account by the bank.

-Prepare Bank Reconciliation Statement as on July 31,2018.

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