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Assignment Bank Reconciliation

The document outlines Fermin Company's bank reconciliation for December 2023, detailing the check register and bank statement entries. It identifies discrepancies such as outstanding checks, deposits in transit, and errors in recording deposits and checks. The adjusted balances for both the book and bank are reconciled to be equal at 634,200.00.

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19 views1 page

Assignment Bank Reconciliation

The document outlines Fermin Company's bank reconciliation for December 2023, detailing the check register and bank statement entries. It identifies discrepancies such as outstanding checks, deposits in transit, and errors in recording deposits and checks. The adjusted balances for both the book and bank are reconciled to be equal at 634,200.00.

Uploaded by

summers
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ASSIGNMENT – Bank Reconciliation

Fermin Company’s check register shows the following entries for the month of December:

Date Checks Deposits Balance


2023
Dec 1 Beginning balance 89,300.00
5 Deposit 65,000.00 154,300.00
7 Check #14344 32,500.00 120,800.00
11 Check #14345 14,000.00 106,800.00
26 Deposit 49,000.00 155,800.00
29 Check #14346 8,600.00 147,200.00

Fermin’s bank reconciliation for November revealed one outstanding check (No. 14343) for P12,000 (written
on November 28), and one deposit in transit for P5,550 (made on November 29).

The following is from Fermin’s bank statement for December 2023:

Date Checks Deposits Balance


2023
Dec 1 Beginning balance 95,750.00
1 Deposit 5,550.00 101,300.00
4 Check No. 14344 32,500.00 68,800.00
5 Deposit 56,000.00 124,800.00
14 Check No. 14345 14,000.00 110,800.00
15 Loan Proceeds 500,000.00 610,800.00
20 NSF Check 7,600.00 603,200.00
29 Service Charge 1,000.00 602,200.00
31 Interest 3,600.00 605,800.00

Assume that all errors were committed by Fermin Company, not the bank. Prepare bank reconciliation for
December 2023.

Book Bank
Unadjusted balances 147,200.00 605,800.00
DIT 49,000.00
OC (20,600.00)
Error in recording deposit (65,000-56,000) (9,000.00)
Error for Check No. 14344 1,000.00
Loan Proceeds 500,000.00
NSF Check (7,600.00)
Interest 3,600.00
Service Charge (1,000.00)
Adjusted balances 634,200.00 634,200.00

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