Which of the Deposits in the bank provides facility for bank overdraft? Select one: O a. Current Deposits O b. Savings Deposits O c. Overdraft O d. Recurring Deposits O e. Time Deposits
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Q: What is the bank reconciliation statement
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Q: What is the normal balance for bank overdraft and why?
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Q: overdrafts and overdraft fees
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- From the following particulars of Al Zahra LLC, prepare bank reconciliation statement as on Oct 31, 2020 a-Bank charges debited by Bank RO 2,500. b-Cheques issued but not presented for payment RO 10,125. c-Bank credited RO 2,000 for receiving interest through Electronic Clearing System. d-Cheques deposited RO 6500 into bank of which cheques for Ro 4200 was credited on 15 Nov 2020 e-Bank balance as per passbook on 31 Oct is RO 55,500In preparing its March 31, 2020 bank reconciliation, Blue Devil Inc. has available the following information: Balance per bank statement, 03/31/2020 $18,650 Deposit in transit, 03/31/2020 3,900 Return of customer's check for insufficient funds, 03/31/2020 600 Outstanding checks, 03/31/2020 2,750 Bank service charges for March, 2020 100 Required: Identify which type of adjustment is needed for each of the following four transactions. The four types of adjustments include: (A) Add to the book balance; (B) Deduct from the book balance; (C) Add to the bank balance; and (D) Deduct from the bank balance. I. Deposit in transit, 03/31/2020 II. Return of…Requirements Prepare the bank reconciliation of Devon insurance at December 31, 2024 Journalized any required entries from the bank reconciliation
- The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…Prepare the bank reconciliation statement as 31 July 2021 for Mimosa General Dealers. Hint: Begin the reconciliation statement with the balance as per the adjusted bank account per Q.2.1 above. Clearly indicate if the balance per the bank statement amount you arrive at is a favourable or unfavourable balance as a mark will be awarded for this.
- Problems on Bank Reconciliation Q2 From the following particulars of Reema Traders LLC, prepare a bank reconciliation statement on June 30,2019 -Balance as per the cash book RO 35,750 -RO 250 charges for Credit card fee is debited by bank, which is not recorded in cash book. -Cheques for RO 7,550 are deposited in the bank but not yet collected by the Bank. -There was also a debit in the pass book of RO 3,500 in respect of a discounted bill dishonored.Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequeI. On November 30, 2020 Amanda de la Cruz has the following relevant information concerning its bank reconciliation: Details of bank statement- Balance, October 31, 2020 P308,000 Deposits 511,980 Checks cleared 541,180 DAUD check from Ocean Crustaceans 1,000 Note collected with interest of P800 16,800 Interest on Bank balance 360 Service charges 140 Balance , November 30, 2020…
- 17. In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: Balance per bank statement, 8/31/22, P18, 050 Deposit in transit, 8/31/22,P3, 250 Return of customer’s check for insufficient funds, 8/29/22, P600 Outstanding checks, 8/31/22, P2, 750 Bank service charges for August, P100 Check disbursement recorded in August (correct amount is P5,000), P500 AA deposited P15,000 in August but credited by bank at, P1,500 What is the unadjusted balance per book on August 31, 2021?Question 2 The following information was taken from the books of Zia Traders on 30 June2019:1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques:CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June: Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was…As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-
