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Exercise 2

1.
Balance per book P 500,000
Service charge (5,000)
NSF check (50,000)
Proceeds from note collection 215,000
Adjusted balance P 660,000

Balance per bank P 445,000


DIT 300,000
OC (85,000)
Adjusted balance P 660,000
Adjusting entries:
Service charge 5,000
A/R 50,000
Cash in bank 55,000

Cash in bank 215,000


Service charge 5,000
Interest income 20,000
N/R 200,000

2.
Balance per book P 260,000
Add: CM for note collected 120,000
Total 380,000
Less: DM for service charge 8,000
Adjusted book balance P 372,000

Balance per bank P 432,000


Add: Deposit in transit 320,000
Total P 752,000
Less: Outstanding checks:
No. 102 60,000
105 120,000
107 200,000 380,000
Adjusted bank balance P 372,000

Adjusting entries:
1. Cash in bank 120,000
Note receivable 120,000

2. Bank service charge 8,000


Cash in bank 8,000

3.
Balance per book 110,000
Add: CM for note collected 45,000
Total 155,000
Less: DM for service charge 5,000
NSF check 10,000
Book error (52,000 – 25,000) 27,000 42,000
Adjusted book balance 113,000

Balance per bank 135,000


Add: Deposit in transit 60,000
Erroneous bank debit 8,000 68,000
Total 203,000
Less: Outstanding checks:
No. 770 20,000
775 30,000
777 40,000 90,000
Adjusted bank balance 113,000

Adjusting entries:
1. Cash in bank 45,000
Bank service charge 5,000
Note receivable 50,000

2. Bank service charge 5,000


Accounts receivable 10,000
Accounts payable 27,000
Cash in bank 42,000

4.
Adjusting entries:
1. Cash in bank 450,000
Accounts payable 270,000
Accounts receivable 180,000

2. Accounts receivable 50,000


Bank service charge 5,000
Accounts payable 125,000
Cash in bank 180,000

Balance per book 3,130,000


Overstatement of creditor’s check 270,000
Understatement of customer’s check 180,000
Total 3,580,000
Less: NSF check 50,000
DM for safety box 5,000
Unrecorded check 125,000 180,000
Adjusted book balance 3,400,000

5. Adjusting entries:
1. Cash in bank 60,000
Note receivable 60,000

2. Bank service charge 5,000


Accounts receivable 25,000
Cash in bank 30,000

Balance per book – April 30 1,100,000


CM for note collected 60,000
Bank service charge ( 5,000)
NSF check ( 25,000)
Adjusted cash in bank 1,130,000
Balance per bank, April 30 1,000,000
Undeposited collections 270,000
Less Outstanding checks:
No. 1331 40,000
1332 30,000
1334 60,000
1335 10,000 140,000
Adjusted cash in bank 1,130,000

6.
Book balance 1,405,000
Add: Collection of note 2,500,000
Interest on note 150,000
Book error on check no. 175 45,000 2,695,000
Total 4,100,000
Less: Bank service charge 5,000
Payment for light and water 245,000
NSF check 220,000 470,000
Adjusted book balance 3,630,000

Bank balance 5,630,000


Add: Deposit in transit 750,000
Total 6,380,000
Less: Bank error 1,100,000
Outstanding checks 1,650,000 2,750,000
Adjusted bank balance 3,630,000

Adjusting entries:

1. Cash in bank 2,695,000


Note receivable 2,500,000
Interest income 150,000
Accounts payable 45,000

2. Bank service charge 5,000


Light and water 245,000
Accounts receivable 220,000
Cash in bank 470,000

7.
Balance per book 1,300,000
Add: Overstatement of check number 765 20,000
Check number 555 stopped for payment 10,000 30,000
Total 1,330,000
Less: Service charge 5,000
NSF check 85,000 90,000
Adjusted book balance 1,240,000

Balance per bank 1,200,000


Add: Undeposited collections 275,000
Total 1,475,000
Less: Outstanding checks:
Number 761 55,000
762 40,000
763 25,000
764 65,000
765 50,000 235,000
Adjusted bank balance 1,240,000

Adjusting entries:
1. Cash in bank 30,000
Accounts payable 20,000
Miscellaneous income 10,000

2. Bank service charge 5,000


Accounts receivable 85,000
Cash in bank 90,000

3. Receivable from cashier 40,000


Accounts receivable 30,000
Sales discounts 10,000

8.
BOOK BANK
Unadjusted balance 520,500 405,000
Note collected by the bank 7,500
Outstanding checks 49,020
Undeposited collections ______ 138,420
Corrected balances 528,000 494,400
Shortage (33,600) ______
Adjusted balances 494,400 494,400

Concealment of Shortage
Omission of outstanding check #1428 15,600
Underfooting of outstanding checks in 3,000
reconciliation
Adding (instead of deducting) the unrecorded 15,000
note collected by the bank

9.
DIT, Aug 19,000
Cash receipts – Sept 61,000
Total cash to be deposited to the bank in Sept 80,000
Cash acknowledged by the bank as deposits from the company (60,400)
DIT, Sept. 19,600

OC, Aug 3,200


Cash disbursements – Sept 48,000
Total cash to be paid by the bank in Sept 51,200
Checks paid/cleared by the bank in Sept (47,200)
OC, Sept. 4,000

10.
DIT, Feb 17,000
Cash receipts – March 490,000
Total cash to be deposited to the bank in March 507,000
Cash acknowledged by the bank as deposits from the company (476,000)
DIT, March 31,000
OC, Feb 39,000
Cash disbursements – March 610,000
Total cash to be paid by the bank in March 649,000
Checks paid/cleared by the bank in March (602,000)
OC, March 47,000

11.
DIT, March 2,100
Cash receipts – April 13,889
Total cash to be deposited to the bank in April 15,989
Cash acknowledged by the bank as deposits from the company (10,784)
DIT, April 5,205

OC, March 3,800


Cash disbursements – April 10,080
Total cash to be paid by the bank in April 13,880
Checks paid/cleared by the bank in April (11,600)
OC, April 2,280

Unadjusted balance bank 27,995


DIT 5,205
Outstanding checks (2,280)
Adjusted balance 30,920

12. July 31 Receipts Disbursements August 31


Bank balance 800,000 5,000,000 3,940,000 1,860,000
Bank error on deposit ( 200,000) ( 200,000)
Bank error on payment ( 400,000) 400,000
Deposit in transit:
July 600,000 ( 600,000)
August 480,000 480,000
Outstanding checks:
July ( 100,000) ( 100,000)
August 650,000 ( 650,000)
Adjusted 1,300,000 4,680,000 4,090,000 1,890,000

July 31 Receipts Disbursements August 31


Book balance 1,200,000 4,400,000 3,600,000 2,000,000
Book error on collection 180,000 180,000
Book error on payment 540,000 (540,000)
NSF check:
July (100,000) ( 100,000)
August 50,000 ( 50,000)
Note collected by bank:
July 200,000 (200,000)
August 300,000 300,000
Adjusted 1,300,000 4,680,000 4,090,000 1,890,000
13. Sept. 30 Receipts Disbursements Oct. 31
Book balance 1,900,000 1,400,000 2,400,000 900,000
NSF check:
September 30 ( 60,000) ( 60,000)
October 31 40,000 ( 40,000)
Collection of accounts receivable
September 30 30,000 ( 30,000)
October 31 50,000 50,000
Overstatement of check
September 30 90,000 ( 90,000)
October 31 _______ ( 120,000) 120,000
Adjusted balance 1,960,000 1,330,000 2,260,000 1,030,000

Bank balance 2,100,000 1,200,000 2,500,000 800,000


Deposit in transit
September 30 130,000 ( 130,000)
October 31 260,000 260,000
Outstanding checks
September 30 ( 270,000) ( 270,000)
October 31 30,000 ( 30,000)
Adjusted balance 1,960,000 1,330,000 2,260,000 1,030,000

14.
Nov. 30 Receipts Disbursements Dec. 31
Bank balance 294,771 1,065,620 1,211,405 148,986
DIT
November 21,270 (21,270)
December 32,925 32,925
OC
November (40,525) (40,525)
December 35,191.50 (35,191.50)
Error – interest (625) 625
Uncollectible customers check (5,947) 5947
275,516 1,071,328 1,199,499.50 147,344.50

Book balance 270,311 1,072,850 1,195,536.50 147,624.50


Service charge
November (295) (295)
December 158 (158)
Interest credited
November 5,500 (5,500)
December 4,925 4925
Error (2,300 vs 3200) (900) 900
Uncollectible customers check (5,947) (5,947)
NSF check **** 5,000 5,000
275,516 1,071,328 1,199,499.50 147,344.50

**** It can also be presented in the balance per bank…

Service charge 158


Cash in bank 158

Cash in bank 4,925


Interest income 4,925
Cash in bank 900
Accounts payable 900

Allo.for DA 5,947
Cash in bank 5,947

Exercise 3

1. A 11. D 21. D
2. C 12. B 22. C
3. B 13. A 23. C
4. C 14. C 24. A
5. B 15. B 25. A
6. B 16. C 26. B
7. B 17. D 27. D
8. C 18. A 28. B
9. A 19. B 29. C
10. B 20. B 30. D