Preparation of Bank Reconciliation - SS1 Accounting Past Questions and Answers - page 1
The following transactions for ABC TECH for the month of June 2022 are presented. You are required to prepare:
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A bank statements
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A balance reconciliation statement (including uncredited cheques, unpresented cheques, and bank errors)
Bank Transactions for ABC TECH for the Month of June 2022:
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On June 1, 2022, ABC TECH deposited ₦150000 in the bank.
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On June 5, 2022, ABC TECH issued a cheque of ₦20000 to a supplier, but the cheque was not presented until June 10.
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On June 7, 2022, ABC TECH received a cheque of ₦30000 from a customer, but the cheque was not credited to the account until June 15.
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On June 10, 2022, ABC TECH withdrew ₦40000 from the bank for office expenses.
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On June 15, 2022, ABC TECH deposited ₦100000 in the bank.
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On June 20, 2022, the bank made an error and credited the ABC TECH account by ₦5000 instead of ₦500.
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On June 25, 2022, ABC TECH issued a cheque of ₦10000 to a vendor, but the cheque was not presented until June 30.
Bank Statement for ABC TECH
For the Month of June 2022
|
Date |
Particulars |
Deposits (₦) |
Withdrawals (₦) |
Balance (₦) |
|
Mar 31, 2022 |
Starting Balance |
80000 |
||
|
Jun 1, 2022 |
Deposit |
150000 |
230000 |
|
|
Jun 5, 2022 |
Cheque Payment to Supplier |
20000 |
210000 |
|
|
Jun 10, 2022 |
Withdrawal for Expenses |
40000 |
170000 |
|
|
Jun 15, 2022 |
Deposit |
100000 |
270000 |
|
|
Jun 20, 2022 |
Bank Error |
5000 |
275000 |
|
|
Jun 30, 2022 |
Cheque Payment to Vendor |
10000 |
26000 |
|
|
Jun 30, 2022 |
End-of-Month Balance |
265000 |
Answer:
Bank Reconciliation Statement for ABC TECH
For the Month of June 2022
|
Particulars |
Amount (₦) |
|
Balance as per Bank Statement Add: Uncredited Cheque Less: Unpresented Cheque Add: Bank Error Adjusted Bank Balance Less: Book Balance Adjusted Book Balance |
265000 30000 295000 10000 285000 4500 289500 285000 4500 |