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Bank Reconcilation Essay

630 words - 3 pages

A comparison of CASH and BANK records of M/S. Khalida & Afzal revealed the following Information on 31st July 1997.
1. Balances as per Cash Book Rs. 13,579/=
2. Balances as per Bank Statement Rs. 1,019/=
3. Three Cheques amounting Rs. 1,300/=, Rs, 3,100/= and Rs. 4,400/= were issued to the Suppliers. Only the first cheque of Rs. 1,300/= was presented to the Bank till last day of the month.
4. Accompanying the Bank Statement was cheque of NIZAM BROS for Rs. 5,000/= marked as NSF.
5. The Bank Statement showed a debit of Rs. 510 and Rs. 150 being ZAKAT deduction and charges for collection, respectively. | | Nawaz Traders reports the following balances at October 31st 1998.
Balance per Bank Statement | 12,000/=
Balance ...view middle of the document...

2,000 but mistakenly recorded in Cash Book as for Rs. 1,000 |
| | |
(A). During the process of completing the bank reconciliation of Millat Supply Co. for 28 February 1997, the following facts were discovered.
Balance as per Cash Book | Rs. 4,37,850
Balance as per Bank Statement | Rs. 4,60,750
1. A cheque for Rs. 2,050 was wrongly deducted in the cash book as Rs. 20,050.
2. Company deposited three cheques during the month, but one cheque of Rs. 24,000 remain uncleared.
3. Cheque book charges by bank Rs. 50.
4. Bank charges or Rs. 1,500 was deducted by bank.
5. Cheque amounting Rs. 67,450 found outstanding.
6. A cheque amounting to Rs. 36,550 returned by bank marked.
7. A cheque for Rs. 36,500 was issued by entered in the company’s record as Rs. 35,600. | | On comparison of Cash Book entries with those of the Bank Statement of Maqsood Company on June 30, 1996. The following differences were found.
1. Cash Book Balance (Dr.) Rs. 15,000.
2. Bank Statement Balance (Dr.) Rs. 20,000.
3. A cheque for Rs. 14,500 deposited into bank was wrongly entered into Bank Statement for Rs. 5,100.
4. Marked-Up charged by bank Rs. 600.
5. Cheque of Baber & Co. for Rs. 3,500 has marked NSF (Dishonoured) and returned by bank.
6. A cheque drawn for purchases of equipment Rs. 4,000 but was recorded by Company Rs. 2,500.
7. A customer cheque for Rs. 8,600 deposited directly in Bank was by mistake entered into Cash Column of Cash Book.
8. Total Uncleared cheques amounted Rs. 30,000.
9. Cheques issued Rs. 10,000 but presented for cash Rs. 5,800 into bank.
10. The bank paid a non-interest bearing Note for Maqsood Company’s account Rs. 3,000 was not recorded in Cash Book.
11. A cheque Rs. 2,000 drawn by Maqbool Company, was a wrongly debited by bank to Maqsood Co. account.
12. Dividend Collected by bank but was not recorded in Cash Book Rs. 2,200. |
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