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Thread: MGT101 Financial Accounting Assignment no 2 solution 20th January 2016

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    Thumbs up MGT101 Financial Accounting Assignment no 2 solution 20th January 2016

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    DUE DATE: 26th January 2016

    MARKS: 03+03+04=10

    TOPIC TO BE TESTED:

    Bank reconciliation statement

    LEARNING OBJECTIVES:

    To understand and apply the causes of disagreement between cash book and bank statement in reconciliation process

    QUESTIONS


    Q-1

    The debit balance of bank statement as on 31st December 2014 was Rs. 10,000. Cheques of Rs. 3,000 sent to customers had been entered in depositor’s cash book but did not appear in bank statements on 31st December 2014.

    Required: Calculate the balance as per cash book on 31st December 2014.



    Q-2

    The favorable balance of bank statement as on 31st December 2014 was Rs. 12,000. Cheques of Rs. 4,000 paid into the bank had been entered in depositor’s cash book but did not appear in bank statements on 31st December 2014.

    Required: Calculate the balance as per cash book on 31st December 2014.
    Exam Results Assignments Balances 24 Hour Schedule Submission
    Q-3

    Balance as per cash book of a merchant as on 31st December 2014 was Rs. 20,000. Following causes of disagreement was discovered on receipt of bank statement.

    A cheque of Rs. 500 issued but not yet presented for payment

    A cheque of Rs. 545 sent to a customer has been recorded in cash book as Rs. 445.

    Required: Calculate the balance as per bank statement on 31st December 2014.





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  2. #2
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    Ans 1
    balance as bank: (10,000)
    less: unclear cheques: (3,000)
    balance as cash book: (13,000)
    Ans 2
    Bank : 12000
    less: unclear cheques: (4000)
    cash : 8000
    Ans 3
    cash : 20000
    Add: unpresented cheques :500
    less : error 100
    bank : 20400

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