Unit Seven: The Control Of Cash (Bank Reconciliation Statement)

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Unit seven: The control of cash(Bank Reconciliation Statement).: اﻟطﺎﻟب اﺳم . : اﻟطﺎﻟب رﻗم . : اﻟـــــــﺻف . : اﻟـــﻣدرﺳﺔ اﻟرﻗم اﻟﺗﺳﻠﺳﻠﻲ PDF created with pdfFactory Pro trial version www.pdffactory.com

Chapter Six: The Control of Cash.(Bank Reconciliation Statement).Key term introducedBank Reconciliation Statement: . اﻟﺑﻧك ﻣذﻛرة ﺗﺳوﯾﺔ Causes: . . . . أﺳﺑﺎب Origin (source): . . ﻣﻧﺷﺄ – ﻣﺻدر Deposit in transit: إﯾداﻋﺎت ﺑﺎﻟطرﯾق Treatment: . . ﻣﻌﺎﻟﺟﺔ Outstanding checks:. . . ﺷﯾﻛﺎت ﻣﻌﻠﻘﺔ Unpresented check: ا . ﺷﯾﻛﺎت ﻣﺻدره ﺣﺎﻟﯾﺎ Interest earned: . ﻓواﺋد ﻣﺣﺻﻠﺔ Accountant error: . . أﺧطﺎء اﻟﻣﺣﺎﺳب Dividend received: . ﻓواﺋد اﻷﺳﮭم Bank Service charges: ﺧدﻣﺎت ﺑﻧﻛﯾﺔ . ﻣﺻروﻓﺎت Loan repayments: . أﻗﺳﺎط اﻟﻘرض Until: . . ﺣﺗﻰ Bank charges:. . . ﻣﺻروﻓﺎت ﺑﻧﻛﯾﺔ (N.S.F): . . . ﻋدم ﻛﻔﺎﯾﺔ اﻟرﺻﯾد Add: . إﺿﺎﻓﺔ – ﯾﺿﺎف Less: ﯾطرح - طرح Deducted: . ﯾطرح – ﯾﺧﺻم Adjusted cash balance: رﺻﯾد اﻟﺗوازن ﻟﻠﻧﻘدﯾﺔ Refers to drawer: . ﻣرﺟﻊ ﻟﺳﺎﺣﺑﮫ Note receivable: . . ورﻗﺔ ﻗﺑض 2Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

*** Mostly the balance of Bank Statement does not agree with the balance ofCompany’s records. Our references to knowledge the Cash Balance are:1. Cash Balances in the business records.2. Balance of Bank Statements.(Name of the company)Bank Reconciliation StatementFor the month of .****Balance as per Bank StatementADD: . . . . .LESS: . . . .*******************Adjusted Bank Balance*****Balances as per depositor’s records*****ADD: . . .*** . *** *** . *** . .**********LESS: . . . .*** . . .*** *** *** . *** . . .******3Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

****Adjusted Cash Balance*** Often, does not match the bank statement balance and the book balance ofcash for the following reasons:First: Items recorded in the company not record in Bank Statement as: ﻣﺗﺣﺻﻼت ﻧﻘدﯾﺔ ﺗم إﺿﺎﻓﺗﮭﺎ ﻋﻠﻰ رﺻﯾد : * إﺑداﻋﺎت ﺑﺎﻟطرﯾق . اﻟﺷرﻛﺔ وﻟﻛن ﻟم ﺗظﮭر ﺑﻛﺷف اﻟﺑﻧك ﺑﺳﺑب ﻣﺎ اﻟﻧﻘدﯾﺔ b). Outstanding checks (Unpresented check): ﺷﯾﻛﺎت ﺳﻠﻣت ﻟﻠﻣﺳﺗﻔﯾدﯾن : *اﻟﺷﯾﻛﺎت اﻟﻣﻌﻠﻘﺔ . وﻟﻛن ﻟم ﯾﻘدﻣوھﺎ ﻟﻠﺑﻧك ﻟﺻرﻓﮭﺎ ، وﺧﺻﻣت ﻗﯾﻣﺗﮭﺎ ﻣن رﺻﯾد اﻟﻧﻘدﯾﺔ ﺑﺎﻟﺷرﻛﺔ a). Deposits in transit: ﻛﺗﺳﺟﯾل اﻟرﻗم ﺑﺎﻟزﯾﺎدة أو ﺑﺎﻟﻧﻘﺻﺎن : * أﺧطﺎء ﻣﺣﺎﺳﺑﯾﺔ c). Accountant error.: ﺧﻄﻮات ﻣﻌﺎﻟﺠﺔ اﻷﺧﻄﺎء .1.2.3.4Exercise 1:Complete the following table by using ( / )mark :No.Indicate which of the followingtreatment should beBank StatementBalanceTransaction articlesAdd1Deposits in transit.2Outstanding checks3Check drawn for BD69 for buying suppliesentered in cash as BD96.4Check drawn for BD87 for buyingequipment entered in the cash as BD78.5Cash of BD100 received from Jamal (Acc.Receivable) entered in the cash as BD1000.6Unpresented checks BD1756.LessCash BalanceAddLess4Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 2:From the following information prepare a Bank reconciliation statement and makethe necessary Journal entries for AL- Hadeel Est. for March 31st, 2012.1. Balance as per Bank Statement, BD 27,1252. Balance as per Cash Book, BD27,7323. Deposit in transit, BD880.4. Outstanding checks: No.162, BD125,No.524 BD130.5. Check drawn for BD69 for buying supplies entered in cash book as BD96.6. Check drawn for BD87 for buying equipment entered in the cash as BD78. . . . . . . .Balance as per bank statementAdd:Less:Adjusted Bank BalanceBalance as per Cash BookAdd:Less:Adjusted Cash BalanceGeneral JournalDateDetailsDebitCredit5Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Second: Items recorded in the Bank Statement not record in company as:a). Deposits made directly by the bank such as: Interest earned.- Rent receivedDividends - Collections from Account Receivable – Note receivable. ﯾﺳﺗﻠم اﻟﺑﻧك ﻧﻘدﯾﺔ ﺑﺎﻟﻧﯾﺎﺑﺔ ﻋن اﻟﻌﻣﯾل ﻓﯾﺿﯾﻔﮭﺎ ﻟ رﺻﯾده و ﺗﺗﺄﺧر اﻟ ﻣذﻛرات ﻓﻲ : * اﻟﺗﺣﺻﯾﻼت اﻟﻣﺑﺎﺷرة . اﻟوﺻول إﻟﻰ اﻟﻣﻧﺷﺄة b). Items paid directly by the bank such as: Bank service chargesLoan repayments - Note payable -Rent exp. وﻋﺎدة ﻣﺎ ﺗﺗﺄﺧر ﺑﻌض . ﯾﺧﺻم اﻟﺑﻧك ﻣﺑﺎﻟﻎ ﻣن رﺻﯾد اﻟﻌﻣ ﯾل و ﯾر ﺳل ﻣذﻛرة ﻟﮫ : * اﻟﺧﺻوﻣﺎت اﻟﻣﺑﺎﺷرة . اﻟﻣذﻛرات ﻓﻲ اﻟوﺻول إﻟﻰ اﻟﻣﻧﺷﺄة c) N.S.F (No Sufficient Found). ﺷﯾﻛﺎت أﺿﯾﻔت ﻗﯾﻣﮭﺎ ﻋﻠﻰ اﻟرﺻﯾد اﻟدﻓﺗري وﻣن ﺛم ﻗدﻣت ﻟﻠﺑﻧك : * اﻟﺷﯾﻛﺎت اﻟﻣرﺗدة ﻟﻌدم ﻛﻔﺎﯾﺔ اﻟرﺻﯾد . ﻟﺗﺣﺻﯾﻠﮭﺎ ﻏﯾر أن اﻟﺑﻧك ﻟم ﯾﺿﻔﮭﺎ ﻋﻠﻰ رﺻﯾد اﻟﺷرﻛﺔ ﻟدﯾﮫ ﻟﻌدم ﻛﻔﺎﯾﺔ رﺻﯾد اﻟﺳﺎﺣب d). Bank error. أو ﺧطﺄ ﻓﻲ ﺗﺳﺟﯾل إﯾداﻋﺎت أو ، ﻛﺈﺿﺎﻓﺔ أو ﺧﺻم ﻣﺑﺎﻟﻎ ، أﺧطﺎء ﯾرﺗﻛﺑﮭﺎ اﻟﺑﻧك ﻓﻲ رﺻﯾد اﻟﺷرﻛﺔ ﻟدﯾﮫ : * أﺧطﺎء ﺑﻧﻛﯾﮫ . ﺧﺻوﻣﺎت Exercise 3:Complete the following table by using ( / )mark :No.Indicate which of the followingtreatment should beBank StatementBalanceTransaction articlesAdd1Debit memo for bank service charge2Credit memo for bank Interest on savingaccount.3NSF check.4Credit memo for rent earned5Debit memo for loan repayment6Credit transfer received by bank not enteredin book.7Note of BD180 collected by bank.8Bank service charges.9Dividend received by the bank not enteredin cashbook BD50LessCash BalanceAddLess6Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

10Check of BD488 drawn by Khalid returned“refers to drawer” not entered in cash book.7Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 4:From the following information prepare a Bank reconciliation statement and makethe necessary Journal entries for AL- Hadee Est. for the month ended at March31st,20111. Balance per Bank Statement, BD 47,2182. Balance per Cash Book, BD472153. Note receivable of BD480 collected by the bank.4. Dividends received by the bank not entered in cashbook BD50.5. Bank service charges of BD5.6. NSF check of Ahmad of BD540.7. The bank recorded a deposit of BD224 as 242.The answer: . . . . . . .Balance as per bank statementAdd:Less:Adjusted Bank BalanceBalance as per Cash BookAdd:Less:Adjusted Cash BalanceGeneral JournalDateDetailsDebitCredit8Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 5:Ali Company reported the following data related to its cash transactions for themonth of March. 2010:1. Balance per bank statement at March 31st, 2010 BD38,0002. Service charge for the month BD1003. Collation of notes receivable BD5,0004. Deposit in transit BD9,0005. Outstanding check BD7,0006. NSF check from Omar Co. returned by the bank BD750Required:1. Prepare the bank reconciliation statement and determine the amount of cashshould appear on the company's balance as at March 31st, 2010.2. Prepare journal entries. . . . . . . .9Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

10Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

General JournalDateDetailsDebitCreditExercise 6:At AL–Yousif Est. the following transactions have taken place in Feb. 2011.1. At Feb. 28 cash per cash account BD7007 and Bank Statement BalanceBD6550.2. Cash receipts BD2575 on Feb 28 were not deposited until March.3. Check of BD250 drawn by Ali Salah marked (NSF).4. Outstanding checks BD2130.5. Bank service charges are BD5.6. Interest earned on saving account BD45.7. Note receivable of BD180 collected by the bank.8. The bank entered a deposit of BD224 as 242.Required:1. Prepare a Bank Reconciliation statement at February 28th, 2011.2. Prepare the necessary Journal entries.11Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

. . . . . . .General JournalDateDetailsDebitCredit12Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 7:The following information for Hayfa Est., On March, 2010:1. Cash per book BD447.2. Balance per bank statement BD100.3. Unpresented checks BD79.4. Deposit not entered by the bank BD546.5. Dividend received by the bank not entered n cash book BD50.6. Check drawn for BD672 for buying furniture entered inn books as BD762.7. Bank charges not entered in books BD27.8. Check returned "refer to drawer" not entered in the book BD83.9. Credit transfer received by the bank not entered in the books BD90.Required:1. Prepare the bank reconciliation statement.2. Prepare journal entries.13Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

. . . . . . .General JournalDateDetailsDebitCredit14Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 8:The following information is needed to prepare Bank Reconciliation statement forWedad Est. at December 31st, 2011.1. Cash as per bank statement was BD7800 and cash as per the cash account wasBD7792.2. Bank service charge BD12.3. Check of BD488 drawn by Khalid refers to drawer.3. Cash receipts of BD2166 on December 31st were not deposited until January.4. Unpresented checks of BD1756.5. Credit bank memo of BD250 for Rent earned not entered in cash book.6. Note receivable of BD1200 collected by bank not entered in the cash.7. Check of BD46 drawn for buying supplies entered as BD64.8. Dividend received by the bank not entered in cash book BD50.9. Bank drawn check by mistake from our account of BD600.Required:a). Prepare Bank Reconciliation at 31st Dec.2011.b). Prepare the necessary Journal entries.15Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

. . . . . . . . . . .General JournalDateDetailsDebitCredit16Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 9:On July 31st, 2010 Nada Co. cash account balance was BD 8377.600 and bankstatement balance of BD8800. Other differences between the Cash account and bankstatement are as follows:1. A deposit of BD1500 made on July 31st was not included on the bankstatement:2. The bank statement shows the following data:a) NSF checks by Jehad Co. of BD160.b) Rent revenue collected by the bank of BD400.c) The bank drawn check of BD660 from our account by mistake.d) Bank interest for BD75.e) A bank service charge of BD35 the bank wrote in error.f) Bank adds a Check of BD652 an error.g) Cash of BD1890 collected by the bank from Ahmed and a collectioncharge for BD5, not entered in cash book.3. Check drawn for BD284 for buying office supplies entered in the book asBD248.4. Outstanding checks on July 31 totaled BD246.5. Check drawn for BD504 for buying Equipment entered in book as BD50.400.6. Check drawn for BD245 for buying Store Supplies entered in book as BD254.Required:1. Prepare a Bank Reconciliation as of July 31.2010.2. Prepare entries in journal form as required by the reconciliation.17Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

. . . . . . . . .General JournalDateDetailsDebitCredit18Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

Exercise 10:On July 31st 2011, Al Najma Est. has the following information concerning bankaccount:1. At July 31, cash per the bank statement was BD21466, and Cash per theaccounting records, BD20920.2. The check deposited BD3122 did not appear on the Bank statement.3. Check refers to drawer not entered in cash book BD112.4. Credit transfer of BD250 received by bank from Ali not entered in cashbook.5. Check drawn for BD46 for buying Supplies entered in book as BD64.6. The bank drawn a check of BD550 an error.7. A deposit of BD1,818 dated July 31st , recorded in the bank statement asBD1881.8. Notes Receivable of BD3000 Collected by the Bank9. Unpresented checks of BD1024.10. Bank service charges for July of BD7.11. Check drawn for BD853 for buying office equipment was entered incash as BD835.Required:1.Prepare Bank Reconciliation at July 31st, 2011.2. Prepare entries in journal form as required by thereconciliation.19Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

. . . . . . . . .General JournalDateDetailsDebitCredit20Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

21Uploaded by: Ayman Ayyad (Danger3)PDF created with pdfFactory Pro trial version www.pdffactory.comPrepare by T. Abdul Jalil Alaiwi

5. Credit bank memo of BD250 for Rent earned not entered in cash book. 6. Note receivable of BD1200 collected by bank not entered in the cash. 7. Check of BD46 drawn for buying supplies entered as BD64. 8. Dividend received by the bank not entered in cash book BD50. 9. Bank drawn check by mistake from our account of BD600. Required: a).

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