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Question & Answer: The following information comes from the records of Anthea's Homewares. The NSF cheque was received from B…..

Prepare a bank reconciliation statement The following information comes from the records of Antheas Homewares From the cash receipts records: From the cash payments records: Date Cheque no. 687 April 2 570 3571 5 572 8 574 11 575 15 576 17 577 20 578 23 579 27 5800 28581 April 1 415 82 137 1315 642 701 240 194 311 293 114 805 412 903 246 15 29 From the general ledger Cash at bank Date March 31 Account no. 111 Balance 2594 DR Item Post ref Debit Credit Balance Bank statement Statement period 31/3/2016-30/4/2016 March 3 Balance brought forward April Deposit 3657 CR 4344 CR 3972 CR 3557 CR 4362 CR 4225 CR 4921 CR 3408 CR 2766 CR 2331 CR 2743 CIR 2661 CR 2240 CR 687 3 568 4 57O 8 Deposit 372 415 805 572 9 Direct credit 10 574 11 575 14 552 15 Deposit 16 571 19 NSF 696 1513 642 435 412 82 421Question & Answer: The following information comes from the records of Anthea's Homewares. The NSF cheque was received from B..... 1

The following information comes from the records of Anthea’s Homewares. The NSF cheque was received from Bond Enterprises, a debtor. The direct credit represents a $650 bill collected by the bank, plus interest. Cheque no. 573 was prepared improperly and has been cancelled. Cheque no. 574 for a purchase of inventory was incorrectly recorded as a cash payment of $ 1315 instead of $ 151 3. On 31 March, the only reconciling items were a series of unpresented cheques: no. 552 at $435, no. 560 at $97, no. 562 at $159 and no. 568 at $372. Prepare a bank reconciliation statement for Anthea’s Homewares at 30 April, and any necessary adjusting journal entries.

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Anthea’s Homewares
Bank reconciliation statement as at 30 April, 2016
$ $
Balance as per bank statement         1,831 CR
Add: Outstanding deposit            246
        2,077
Deduct: Unpresented cheques 562            159
579            311
580            293            763
Adjusted balance as per Cash at bank account         1,314 DR
Ending balance per business records
(2,594 + 3,053 + -4,444)         1,203 DR
Add:        Bill receivable 650
Interest on bill 46            696
Interest revenue               58            754
        1,957
Deduct: Cheque dishonoured – Bond Enterprises            421
Correction -cheque no. 574 -Inventory            198
Govt Debits tax               24            643
Adjusted balance as per Cash at bank account         1,314
Journal
Cash at Bank            754
Bill receivable            650
Interest on bill               46
Interest revenue               58
Sundry debtors – Bond Enterprises            421
Inventory            198
Govt debits tax               24
Cash at Bank            643

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