None SuSAAcSuQuestion 4The following bank account transactions were obtainedfrom the books of Southside CricketClub for the year ending 2016 December 31Southside Cricket Club Bank AccountRequired:A. Prepare the Team Shirts Trading Account for the yearended 2016 December 31.(5marks)B. Prepare the Income and Expenditure Account for theyear ended 2016 December 31(13markks)C. Draw up the Balance Sheet as at 2016 December 31.(7 marks)(Total 25 marks)

To assist you with the provided questions regarding the bank account transactions from the Southside…

Answered: Su SA Ac Su Question 4 The following…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 19E

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Continue using the journal and journalize the following transaction: Mar. 31. Received bank statement showing March bank service charge, $30.00. M45.
a) prepare the genral journal entries necessary to update the Bank account in the general ledger for Nov 2017\ b) prepare the bank reconcilation as at 30 Nov 2017
Exercise No. (7): From the following ledger balances of Nizwa Bank as on 31 st Dec.2016, prepare income statement and Balance Sheet OMR OMR (o0o.) 2,500 Fixed Deposit Savings Deposit Current Accounts 3 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve 000 0 3,250 (o0o.) 17,750 1,500 38,750 Money at call and short notice 000 250 Investments 15,500 Interest accrued General Expenses Borrowed from other banks | 4 4,800 Non-Banking assets Interest and Discount 13 Unclaimed Dividends 5 Loans, Overdrafts Payment to Employees (6 Dividend 16 1,200 3,250 250 Cash in hand 10 Cash at Central Bank 6 Premises 7,050 5,200 Cash at Other Banks 6 9. Discounted Bills Purchased and Deposits from other banks 2,500 Rent, taxes 16 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. Provide OMR 250 for provision for doubtful debts
Exercise No.(7): From the following ledger balances of Nizwa Bank as on 31st Dec.2016 prepare income statement and Balance Sheet OMR OMR ('000) 3,250 ('000) 2,500 Share Capital Statutory Reserves 2 Profit (previous year) Bills Payable Sundry Creditors General reserve Fixed Deposit Savings Deposit Current Accounts 3 17,750 1,500 38,750 100 Money at call and short notice 3. 2,400 4,000 15,500 1,000 Investments 250 Interest accrued 700 General Expenses 16 50 Borrowed from other banks 4 4,800 Dividend 11 Non-Banking assets Interest and Discount 3 250 1,200 Cash in hand 750 3,250 Premises 10 6,500 Unclaimed Dividends 5 50 Cash at Central Bank 6 7,050 Loans, Overdrafts 35,000 Cash at Other Banks 5,200 Payment to Employees (6 400 Bills Discounted and Deposits from other banks 3 1,000 Purchased 141 2,500 Rent, taxes 16 100 Additional Information: a. Rebate on bills discounted to OMR 25 b. Allow 5% depreciation on Premises on cost. c. Provide OMR 250 for provision for doubtful debts
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
Use the information taken from BM traders to complete the following: 1.the bank account for huly 2019 (note that you need to calculate the opening balance of the bank account on 1 july 2019). Balance the account. 2.the bank reconciliation statement as at 31 July 2019
Problem 17: Use the following information for the next five questions: Sky Blue Corporation's bank account for May and June of 2021, were as follows: May data are as follows: Balance per bank, May 31 Balance per books, May 31 Deposits in transit Checks outstanding Bank service charge 10,500 11,864 1,500 150 14 June data are as follows: Bank Books Receipts Deposits recorded Deposits received Collection by bank (P2,000 noteplus interest) Disbursements Checks issued and recorded Checks paid Service charges recorded Check payment for utilities erroneously charge by the bank against the account of Royal Blue Company on June 30 9,000 8,100 2,100 11,800 11,500 12 14 50 47. How much is the correct disbursements for the month of June? 48. How much is the correct receipts for the month of June? 49. How much is the correct cash balance for the month of June? 50. How much is the correct cash balance for the month of May? 51. How much is cash shortage/ (overage)? 52. Prepare adjusting entries, if…
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
PROBLEM 1: You obtained the following information on the current account of BUGOY CORP. During your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P918,000. Among the bank credits in November was customer's note for P300,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to P3,600 and a P120,000 check which was charged by the bank in error against Bugoy's account. Also in November you ascertained that there were deposits in transit amounting to P240,000 and outstanding checks totaling P510,000. The bank statement for the month of December showed total credits of P1,248,000 and total charges of P612,000. The Company's books for December showed total debits of P2,206,800, total credits of P1,221,600 and a balance of P1,456,800. Bank debit memos for December were: No. 121 for service…
SP 6 Serial Problem Business Solutions (Algo) LO P3 Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,666. The general ledger Cash account, Number 101, shows an ending cash balance per books of $68,266 as of March 31 (prior to any reconciliation). A comparison of the bank statement with the general ledger Cash account, Number 101, reveals the following. a. The bank erroneously cleared a $600 check against the company account in March that S. Rey did not issue. The check was actually issued by Business Systems. b. On March 25, the bank statement lists a $57 charge for a safety deposit box. Santana has not yet recorded this expense. c. On March 26, the bank statement lists a $110 charge for printed checks that Business Solutions ordered from the bank. Santana has not yet recorded this expense. d. On March 31, the bank statement lists $36 interest earned on Business Solutions's checking…
Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014CashDate Item Jrnl. Ref. Debit Credit BalanceApril 1 Balance 13,911April 30 CR.6 10,672 24,583April 30 CR.11 10,924 13,659On April 30, 2014, Silver Maple Art Gallery received the following bank statement:Bank Statement for April 2014Beginning Balance $13,911Deposits & Other Credits:April 1 $ 300 EFTApril 4 4,174April 9 501April 12 559April 17 2,187April 22 1,300 BCApril 23 1,854 10,875Checks & Other Debits:April 7 (cheque no. 3113) $ 891April 13 (cheque no. 3115) 1,390April 14 900 USApril 15 (cheque no. 3114) 147April 18 (cheque no. 3116) 664April 21 200 EFTApril 26 (cheque no. 3117) 1,472April 30 (cheque no. 3118) 1,000April 30 20 SC (6,684)Ending Balance $18,102Explanations: EFT – electronic funds transfer; BC – bank collections; US – unauthorizedsignature; SC – service charge.Additional data for the bank reconciliation:a. The EFT deposit was a receipt of rent. The EFT debit was an…

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