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Bank Recon Example and Solution to Print.docx

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14 views

Bank Recon Example and Solution to Print.docx

Uploaded by

rapulanaofentse215
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 2

You are the financial accountant at Zesty Zoom.

CapiBank sent Zesty Zoom’s monthly


bank statement on the 25thJune 2020.
The Bank Reconciliation Statement on 31 May 2020 showed the following:

Balance as per bank statement (unfavourable) (13 000)


Outstanding deposit 30 000
Outstanding cheques
614 – dated 20 Dec 2019, donation (10 500)
958 – dated 25 May 2020, merchandise (7 900)
962 – dated 30 Jul 2020, settlement of account (4 500)
Correction of error 3 600
Balance as per bank account (unfavourable) (2 300)

Note:
● The deposit of R30 000 appeared on the Bank Statement on 14 June 2020.
● The error of R3 600 was corrected by the bank on 10 June 2020.
● Cheque No. 958, issued in May 2020, was reflected on the Bank Statement for
June as R9 700. The Bank Statement is correct. The other outstanding cheques
have not been presented at the bank.

Provisional totals on 30 June 2020 are:


CRJ 87 220 CPJ 74 860

The bank statement for June 2020 revealed the following:


● Direct deposit for rent income from tenant, R21 000.
● Stop order for insurance, R6 500.
● R/D cheque originally received from F Mnisi for R2 250 in settlement of his debt of
R2 300.
● Bank charges, R210.
● Balance as per bank statement ?

The following cheques appeared in Cash Payments Journal and not on Bank Statement for
June 2020:
● No. 982 for R2 200
● No. 986 for R1 400 (dated 28 July 2015)

There was a deposit made for R18 500 that is only dated for the following month (July).

Required:
1. Provide the correct bank balance for 30 June 2020.
2. Provide the Bank Reconciliation Statement on 30 June 2020.
Solution
1.
CRJ (R) CPJ (R)

Bank balance: OB -2 300 + 118720 – 85620 = 30 800 (correct after adjustments)

2.
Bank Reconciliation Statement on 30 June 2015
Debit (R) Credit (R)
Balance as per bank account (our books)
Outstanding cheques:
No.962
No. 982
No. 986
Outstanding deposit
Balance as per Bank Statement ( banks books)

R
Balance as per bank statement
Outstanding cheques:
No.962
No. 982
No. 986
Outstanding deposit
Balance as per bank account (our books)

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