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Kyu’s Store has the following balances as of December 31, 2020. Book Balance, 90,000.00, Bank Balance...

Kyu’s Store has the following balances as of December 31, 2020.

Book Balance, 90,000.00, Bank Balance 20,000.00, Deposit in transit is 100,000.00, Outstanding Check is 40,000.00.
Bank Service Charge is 10,000.00

How much is the adjusted balance?
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Answer #1

Calculation of Book balance

Book Balance. 90,000.00

(-) bank service charge. (10,000.00)

Adjusted Book balance. 80,000.00

Calculation of bank balance

Bank balance. 20,000.00

+ Deposit in transit. 1,00,000.00

(-) outstanding Check. (40,000.00)

Adjusted Bank balance. 80,000.00

1. Bank service charges are not yet deducteded in book balance so we deducted from book balance.

2. Deposit in transit are not added in bank balance so we added the money in bank balance.

3.Outstanding cheques are not deducted from bank balance so we deducted them from bank balance.

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