Scribd
Upload
79 views2 pages

02 Assignment 1

This document provides instructions for two accounting assignments. Part I instructs students to prepare a bank reconciliation statement for a company as of November 30, comparing the cash balance per bank statement to the cash balance per company records and adjusting for reconciling items. Part II instructs students to prepare a proof of cash, comparing opening and closing cash balances per books to opening and closing cash balances per bank statement, adjusting for deposits in transit, outstanding checks, and other reconciling items between September 30 and October 31. The document provides all the necessary transaction information for students to complete the two reconciliation exercises.

Uploaded by

Louise Lelis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
79 views2 pages

02 Assignment 1

This document provides instructions for two accounting assignments. Part I instructs students to prepare a bank reconciliation statement for a company as of November 30, comparing the cash balance per bank statement to the cash balance per company records and adjusting for reconciling items. Part II instructs students to prepare a proof of cash, comparing opening and closing cash balances per books to opening and closing cash balances per bank statement, adjusting for deposits in transit, outstanding checks, and other reconciling items between September 30 and October 31. The document provides all the necessary transaction information for students to complete the two reconciliation exercises.

Uploaded by

Louise Lelis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

BM1706

ASSIGNMENT
PART I. Prepare a bank reconciliation statement for Nics Company as of November 30, 201A. Use the adjusted
method of bank reconciliation. (25 points)
The following unadjusted cash balances are available for Nics Company for the month ended November 30,
201A.

Cash balance per bank statement, November 30, 201A P 299,067.60


Cash balance per company records, November 30, 201A 298,510.56

The bank statement disclosed the following information:


1. Charges by bank included a returned customer’s check for P 3,315.36 because of insufficient funds (NSF)
and service charge of P360 for November.
2. Credits by the bank included a customer’s note for P28,800 plus interest of P288 that was collected on
November 29, 201A.

A review of the company records disclosed the following information:


1. A deposit for P27,428.88 made on November 29, 201A did not appear on the bank statement.
2. Customers’ checks totaling P7,857.60 were still on hand at November 30, 201A awaiting deposit.
3. The following company checks were still outstanding as of November 30, 201A:
Check #145243 P 2,308.56
Check #145247 3,532.32
Check #145250 6,318.00
4. Check #145257 for P2,188.80 in payment of a creditor account and included with the canceled checks in
the bank statement has been erroneously recorded in the company records as P 460.80.
PART II. Prepare a Proof of Cash from the following transactions of Nics Company given below: (25 points)

Balance per company’s ledger


September 30 P 975,000.00
October 31 1,312,500.00
Total debits to cash per company’s books (recorded receipts) during October 4,687,500.00
Total credits to cash per company’s books(recorded disbursements) during
October 4,350,000.00
Balance per bank statement
September 30 1,007,625.00
October 31 1,271,625.00
December receipts recorded by the bank during October 4,639,500.00
December disbursements recorded by the bank during December 4,375,500.00
Deposits in transit
September 30 300,000.00
October 31 421,875.00
Outstanding checks
September 30 268,125.00
October 31 221,250.00
Bank service charges (recorded by the depositor in the month following the month
of charge)
September 30 2,250.00
October 31 1,500.00

02 Assignment 1 *Property of STI


Page 1 of 2
BM1706

Bank credit memo for customer’s note collected by the bank in September (face
value P60,000 plus interest of P600), recorded by the company only on October
31 113,625.00
Bank credit memo for proceeds of bank loan granted by the bank on October 31 187,500.00
Customer’s DAIF check returned by the bank (recorded by the company in the
following month)
October 46,875.00
September 26,250.00

Rubric for grading (per part)


PERFORMANCE INDICATORS POINTS
Correct accounts and amounts used 10
Computed final amounts are correct/balanced 15
TOTAL 25

02 Assignment 1 *Property of STI


Page 2 of 2

You might also like