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December 31 2011 bank statement of abc ltd jst arrived from bank.
To prepare the bank reconciliation u gather the following data:
a)the december 31 bank balance is 126 500
b)the bank statement includes nsf checks from customers for 10 000 and nsf charge of 500
c)the following checks are outstanding at 31 december
Check no. Amount. Ac401. 33 000. Ac802. 10 200. Ac806. 6 500. Ac809. 3193. Ac810. 4 471. Ac811. 2 255. d)abc ltd collects from a few customers by eft..the december bank statement lists a 4 500 eft deposit.
e)the bank statement includes collection from customers on account 15 600
f)the bank statement lists 1 000 for the bank service charge
g)on december 31 abc’s cashier deposited 14 600 but this deposit does not appear on the bank statement
h)the bank erroneously debited abc’s account during march,4 400
I)Abc’s accountant has recorded a deposit of 5 000 as a payment
Requirements
a)prepare the bank reconciliation for 31 december
b)record the entries called for by the reconciliation..include an explanation for each entryPlease do not simply set questions and ask for an answer!
You must have an answer in whichever book you found the question – if not then you should be using a Revision Kit from one of the ACCA approved publishers.
If you do have an answer then you should ask which bit of the answer you are not clear about and I will then try and help.
(This question could not possibly be asked in the Paper F3 exam, but if you watch my free lectures on bank reconciliations then you should have no problem with it anyway.)
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