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    BANK RECON and PROOF OF CASH

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    Jay-an Antipolo
    Raigor Inc. provided information to prepare its November bank reconciliation. The bank statement showed a balance of $1,000,000 while Raigor's unadjusted balance was $1,122,500. After adjusting for deposit and checks in transit, errors, and other reconciling items, the adjusted cash in bank balance was $1,130,000 and the adjusted balance per books was also $1,130,000.

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    BANK RECON and PROOF OF CASH

    Uploaded by

    Jay-an Antipolo
    512 views2 pages
    Raigor Inc. provided information to prepare its November bank reconciliation. The bank statement showed a balance of $1,000,000 while Raigor's unadjusted balance was $1,122,500. After adjusting for deposit and checks in transit, errors, and other reconciling items, the adjusted cash in bank balance was $1,130,000 and the adjusted balance per books was also $1,130,000.

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    Raigor Inc. provided information to prepare its November bank reconciliation. The bank statement showed a balance of $1,000,000 while Raigor's unadjusted balance was $1,122,500. After adjusting for deposit and checks in transit, errors, and other reconciling items, the adjusted cash in bank balance was $1,130,000 and the adjusted balance per books was also $1,130,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    512 views2 pages

    BANK RECON and PROOF OF CASH

    Uploaded by

    Jay-an Antipolo
    Raigor Inc. provided information to prepare its November bank reconciliation. The bank statement showed a balance of $1,000,000 while Raigor's unadjusted balance was $1,122,500. After adjusting for deposit and checks in transit, errors, and other reconciling items, the adjusted cash in bank balance was $1,130,000 and the adjusted balance per books was also $1,130,000.

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    © All Rights Reserved
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    BANK RECONCILIATION

    SAMPLE EXERCISE 1:

    The following information was provided by RAIGOR INC. in preparing its current month’s bank
    reconciliation:

    Balance per bank statement 11/30/2021 1,000,000


    Proceeds of bank loan not recorded by RAIGOR 50,000
    Bank service charge 5,000
    Outstanding checks (with certified check of P50,000) 200,000
    NSF checks not recorded on books nor redeposited 15,000
    Deposit placed in the bank’s night deposit on November 30 300,000
    A supplier check for P5,000 was incorrectly recorded by RAIGOR INC. 50,000
    Check of RIGID CORP. charged by the bank to RAIGOR INC. 30,000
    Deposit of RAIEE INC. credited by the bank to RAIGOR INC. 50,000
    A customer check for P7,500 was incorrectly recorded by RAIGOR as 75,000

    NOTES: supplier check (payment check)


    Customer check (collection check)
    Certified check is e deduct gyud sya sa outstanding checks

    Requirements: (1) How much is the adjusted cash in bank balance for the month of November?
    Answer: P1,130,000
    (2) What is the unadjusted balance per book at the end of November? P1,122, 500

    BOOK BANK
    Unadjusted Balance P1,122, 500 Unadjusted balance P1,000,000
    Credit Memos 50,000 Deposit in Transit 300,000
    Debit Memos (5,000) Outstanding checks (150,000)
    (15,000) Errors 30,000
    Errors 45,000 (50,000)
    (67,500) Adjusted Balance P1,130,000
    Adjusted Balance P1,130,000

    Unadjusted Balance in the book was being workback.


    PROOF OF CASH
    Because of timing and differences in terms of recording
    To REMEMBER:
    BOOK SIDE:
    Receipts is the total debit or addition during the current month
    Disbursement is the total credit or deduction during the current month
    BANK SIDE:
    Receipts is the total credit or addition during the current month
    Disbursement is the total debit or deduction during the current month

    Prior month and Current month are the NORMAL BANK RECONCILIATION

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