Question

The following information is for SeaTrans Ltd. in April:

1. Cash balance per bank, April 30, $14,606.73

2. Cash balance per book, April 30, $4,387.55

3. Outstanding cheques, $5,904.00

4. Deposit in transit, $2,201.40

5. Bank service charge and debit/credit card fees, $165.00

6. Electronic receipts from customers in payment of the amount $ 6,787.18, not previously received by the company

7. Return from bank two NSF cheques including service charges, 465.60

8. Cheque # 459 was correctly written in the amount of $3,260.00 but was incorrectly written by the company’s bookkeeper as $3,620.00. The cheque was written for the purchase of office supplies.

Required:

​Prepare the bank reconciliation statement at April 30.

Answer 1

Bank Reconciliation Statement
Balance as per bank statement	14606.73	balance as per books		4387.55
Add:				Add:
Deposits in transit		2201.4	EFT			6787.18
				Check wrongly recorded	360
Subtotal			16808.13				11534.73
Less:				Less:
Outstanding checks		5904	NSF check with charges	465.6
				Service charges		165
Adjusted balance as per bank st.	10904.13	Adjusted balance as per books	10904.13