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

SesTrans Ltd. Bank Reconcilation At the end of April 30
Cash balance as per bank April 30	$ 14,606.73
Add: Deposit in transit	$ 2,201.40
Deduct : Outstanding Checks	( $5,904)
Adjusted balance	$ 10,904.13
Cash balance as per book April 30	$ 4,387.55
Add:   Amount not previously recorded	$ 6,787.18
Add: Error in recording check               ($ 3,620 (-) $ 3,260 )	$ 360
Deduct : Bank Service Charge	($ 165)
Deduct : NSF Cheques	($ 465.60)
Adjusted balance	$ 10,904.13