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EXERCISES - BANK RECONCILIATION

PROBLEM 1
From the following data, prepare a bank reconciliation for Habagat Corporation:
/Balance per bank statement, October 31, 2018 2,294,000
/Note collected, including interest of 3,000 65,000
/NSF checks 33,000
/Cash in bank balance per ledger, October 31, 2018 2,231,000
/Undeposited collection 788,000
/Outstanding checks,including certified check of 25,000 590,000
/Proceeds of 1-year loan discounted at 8% on October 1, 2018 230,000
/Bank service charges 2,000
/Deposit of Habag credited to Habagat 44,000
/Company check of 96,000 credited by Habagat for 69,000

A company check for 72,000 was debited for 27,000


Habagat debited a customer’s check of 48,000 for 84,000

REQUIRED
Prepare a bank reconciliation statement and adjusting entries as of October 31, 2018
using. (a) ABM (b) BOBA method and (c) BABO method.

PROBLEM 2
The following data were gathered from the records of Bong Go In Corporation for purposes of
preparing a bank reconciliation as of August 31, 2018:
Balance per bank statement, August 31 97,900
Note collected (Face-3,000; interest – 30; collection fee – 10) 3,020
Undeposited collection 13,450
Company check unrecorded by bank 4,700
Outstanding checks 19,680
Bank service charges for the month 150
NSF check returned by bank 2,400
A deposit of 8,400 was recorded by Bong Go In as 4,800
Proceeds of a 120-day loan discounted at 12.5%, credited by bank
on August 7, 2018 57,500
Company check of 3,600 was recorded by bank as 6,300
REQUIRED
Bank reconciliation statement using the bank to book method and adjusting entries

PROBLEM 3
In preparing the bank recon on Aug 31 the company provided the following info:
Balance per bank statement 1,900,000
DIT 450,000
OC 520,000
Return of customer’s check for insufficient fund 30,000
BSC for August 5,000
Note collected by bank in August 12,000

What is the adjusted cash in bank balance per books?

PROBLEM 4
Jolo Company provided the ff data on Dec 31, 2017
Balance per bank statement 2,000,000
Balance per book 850,000
OC (including certified check of 100,000) 500,000
DIT 200,000
December NSF checks (of which 50,000 had been
redeposited and cleared by Dec. 27 150,000
Erroneous credit to Jolo representing proceeds of
loan granted to another company 300,000
Proceeds of note collected by bank net of
Service charge of 20,000 750,000
2

What is the cash in bank to be reported on Dec. 31, 2017?


PROBLEM 5
A 2-column bank reconciliation statement using adjusted balance method is being prepared. for Amihan
Corporation as of July 31, 2018. Indicate how the items shown below will be presented based on the
following given answers (Write the letter as well as the entire answer):
A – Add to bank balance
B – Deduct from bank balance
C – Add to book balance
D – Deduct from book balance
E – Not to be included
1. Outstanding checks as of July 31, 2018
2. Note collected for July
3. Credit memo for proceeds of 1-year loan credited by bank on July 8, 2018
4. Certified checks on July 31, 2018
5. Checks outstanding on May 31, 2018 ½ of which are still outstanding on July 31, 2018
6. A check deposited by Ami was credited to Amihan
7. NSF checks for June recorded by Amihan in July
8. A customer’s check of Amihan for 45,000 was credited by the bank for 54,000
9. Bank service charges in June recorded by Amihan in July
10. Note collected by the bank in June recorded by Amihan in July
11. A company check issued in June was not recorded by Amihan
12. A deposit by Amihan on June 30, 2018 was credited by the bank to Ami on July 1, 2018
13. Undeposited collections as of June 30, 2018
14. A creditor’s check issued in July for 27,500 was debited for 57,200
15. Debit memo for payment for loan in July not recorded by Amihan

PROBLEM 6
King Kong Company provided the following information for August, 2019:

Per Bank Per Books


Balances, August 31 1,860,000 2,000,000
Receipts for August 5,000,000 4,400,000
Disbursements for August 3,940,000 3,600,000

NSF checks
July 100,000
August 50,000
Note collected by bank
July 200,000
August 300,000
Deposit in transit
July 31 600,000
August 31 480,000
Outstanding checks
July 31 100,000
August 31 650,000

August collection of 200,000 recorded by King Kong as 20,000


Company check in payment for accounts payable of 600,000 recorded by King Kong as 60,000
Deposit of Kang Kong credited by bank to King Kong, 200,000
August check of Kang Kong charged by bank to King Kong, 400,000

REQUIRED
1. Prepare a proof of cash for August using (a) ABM and (b) BABO method
2. Adjusting entries as of August 31, 2019

PROBLEM 7
Jolo Company provided the following information:

Balance per book, October 31, 2019 600,000


Receipts per book for November (including a collection
of 100,000 recorded as 10,000) 2,200,000
3

Disbursements per book for November (including check for


300,000 in payment of account recorded as 30,000) 1,800,000
Balance per bank statement, November 30, 2019 930,000
Deposit in transit, October 31 300,000
Outstanding checks, November 30 400,000
Bank receipts for November (including an erroneous credit of
100,000 which should have been credited to Sulu Company) 2,500,000
Bank disbursements for November (including check of
Sulu Company for 200,000) 1,970,000

REQUIRED
1. Four-column reconciliation for the month of November
2. Adjusting entries as of November 30, 2019

PROBLEM 8
Osama Bin Alde Corporation is preparing a proof of cash for the month of July, 2006. The
reconciling items are as follows:

Bank balances:
June 30 2,508,400
July 31 3,269,200
Bank disbursements 8,996,500

Deposit in transit
June 30 324,800
July 31 404,500
Outstanding checks
June 30 488,700
July 31 606,900
Notes collected
June 46,300
July 77,700
NSF checks
June 28,800
July 103,300
Bank service charges
June 1,500
July 2,900
A deposit of Osama Bin Alde was credited to Ormasa Tin Imba in June 50,000
A deposit of Ormasa in July was credited to Osama 64,400
A customer’s check for 146,800 was recorded by Osama in June for 184,600
An NSF check returned by the bank in June was recorded in August 24,000
A deposit of 225,000 in July was recorded by Osama as 22,500
A company check for 172,400 was recorded by Osama in June as 142,700
A payment on account in July was taken from collection 11,300
A company check issued in July was cancelled but the cancellation had not
yet been recorded 35,000

REQUIRED
1. Prepare a proof of cash using the bank to book method
2. Adjusting entries as of July 31, 2006

PROBLEM 9
A four column-reconciliation, adjusted balance method, is being prepared for Antarctic
Corporation for the month of July, 2018. Indicate how each of the items shown below will be presented
in the reconciliation
1. Outstanding checks as of July 31
2. Note collected by bank in June recorded by Antarctic in July
3. Credit memo for proceeds of 1-year loan credited by bank in July
4. Certified checks on July 31
5. A check deposited by Antarctic was credited to Arctic in July
6. NSF checks for June recorded by Antarctic in July
7. NSF checks for July recorded by Antarctic in August
4

8. NSF checks for May recorded by Antarctic in August


9. A creditor’s check of Antarctic for 48,000 was charged by the bank in June for 84,000
10. Bank service charges in July
11. Note collected by the bank in July recorded by Antarctic in August
12. A customer’s check of Arctic was credited to Antarctic in July
13. A deposit by Antarctic on June 30 was credited by the bank on July 1
14. Checks issued in June were paid by the bank in July
15. A customer’s check received in July for 63,800 was debited for 83,600
16. Debit memo for payment for loan in July not recorded by Antarctic

REQUIRED
. Copy the following format and write an X under the pertinent column where the reconciling item
will be presented. If the item is a deduction enclose the X in parenthesis. If the item is not a reconciling
item, write “Not to be included” opposite the number.

Balance, July _____ Balance,


Number June 30__ Receipts Disbursements July 31__
Per Bank
1
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Per Books
2
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