Efficient Company showed the following information:Cash in bank balance, March 31Book credits for AprilBook debits for April200,000720,000800,000Bank statement balance, March 31Bank debitsBank credits330,000530,000700,000Note collected by bank:March60,000100,000AprilService charge:MarchApril8,0002,000NSF check:March20,00030,000AprilDeposit in transit:March 3180,000220,000April 30Outstanding checks:March 31178,000372,000April 30Required:Prepare a proof of cash for the month of April following the"book to bank" method.

Answered: Prepare a proof of cash for the month…

Business

Accounting

Prepare a proof of cash for the month of April following t "book to bank" method.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 7EA: Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance:...

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Efficient Company showed the following information:
Cash in bank balance, March 31
Book credits for April
Book debits for April
200,000
720,000
800,000
Bank statement balance, March 31
Bank debits
Bank credits
330,000
530,000
700,000
Note collected by bank:
March
60,000
100,000
April
Service charge:
March
April
8,000
2,000
NSF check:
March
20,000
30,000
April
Deposit in transit:
March 31
80,000
220,000
April 30
Outstanding checks:
March 31
178,000
372,000
April 30
Required:
Prepare a proof of cash for the month of April following the
"book to bank" method.

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