This document defines various banking terminology like reconcile, standing order, credit transfer, bank charges, dishonored cheque, unpresented cheques, bank statement, and uncredited deposits. It also explains some common causes for differences between a cash book balance and bank statement balance such as cheques deposited but not yet cleared, cheques issued but not presented, errors and omissions, bank charges, interest, and direct payments into the bank. Additionally, it outlines the nature of cash books and pass books, how debits and credits affect each, and the main points in preparing a bank reconciliation statement.
This document provides information about financial accounting and bank reconciliation statements. It begins by explaining the process of bank statements and differences that may arise between a customer's cash book and bank balance. It then gives details about various reconciling items such as deposits in transit, outstanding checks, bank charges, and errors. The document also provides a comprehensive example of a bank reconciliation problem and its solution. It emphasizes that regular preparation of bank reconciliation statements is an important control technique for ensuring accuracy of records.
The document provides information about bank reconciliation statements including:
- Definitions of cash book, bank statement, and bank reconciliation statement
- Differences that can arise between cash book and bank statement balances due to timing or errors
- Features and importance of preparing bank reconciliation statements
- Examples of bank reconciliation statements that reconcile the cash book and bank statement balances through adjustments for outstanding transactions and errors
The document discusses bank reconciliation statements, including:
- The objective is to understand pass books, cash books, reconciliation statements, and reasons for differences between the two records.
- Reasons for differences can include transactions not recorded in one book, delays in processing checks, or human errors.
- A bank reconciliation statement reconciles the balances in the cash book and pass book and identifies the causes of any differences.
This document provides information about bank reconciliation in accounting. It begins with an introduction and then discusses the purpose of bank reconciliation statements, reasons for differences between cashbook and bank statement balances, and the reconciliation process. The reconciliation process involves 5 steps: 1) identify outstanding checks, 2) identify deposits in transit, 3) analyze the bank statement for unrecorded transactions, 4) check for errors, and 5) compare adjusted balances. The document also provides an example reconciliation and explains adjusting entries related to the reconciliation.
This document defines various banking terminology like reconcile, standing order, credit transfer, bank charges, dishonored cheque, unpresented cheques, bank statement, and uncredited deposits. It also explains some common causes for differences between a cash book balance and bank statement balance such as cheques deposited but not yet cleared, cheques issued but not presented, errors and omissions, bank charges, interest, and direct payments into the bank. Additionally, it outlines the nature of cash books and pass books, how debits and credits affect each, and the main points in preparing a bank reconciliation statement.
This document provides information about financial accounting and bank reconciliation statements. It begins by explaining the process of bank statements and differences that may arise between a customer's cash book and bank balance. It then gives details about various reconciling items such as deposits in transit, outstanding checks, bank charges, and errors. The document also provides a comprehensive example of a bank reconciliation problem and its solution. It emphasizes that regular preparation of bank reconciliation statements is an important control technique for ensuring accuracy of records.
The document provides information about bank reconciliation statements including:
- Definitions of cash book, bank statement, and bank reconciliation statement
- Differences that can arise between cash book and bank statement balances due to timing or errors
- Features and importance of preparing bank reconciliation statements
- Examples of bank reconciliation statements that reconcile the cash book and bank statement balances through adjustments for outstanding transactions and errors
The document discusses bank reconciliation statements, including:
- The objective is to understand pass books, cash books, reconciliation statements, and reasons for differences between the two records.
- Reasons for differences can include transactions not recorded in one book, delays in processing checks, or human errors.
- A bank reconciliation statement reconciles the balances in the cash book and pass book and identifies the causes of any differences.
This document provides information about bank reconciliation in accounting. It begins with an introduction and then discusses the purpose of bank reconciliation statements, reasons for differences between cashbook and bank statement balances, and the reconciliation process. The reconciliation process involves 5 steps: 1) identify outstanding checks, 2) identify deposits in transit, 3) analyze the bank statement for unrecorded transactions, 4) check for errors, and 5) compare adjusted balances. The document also provides an example reconciliation and explains adjusting entries related to the reconciliation.
The document discusses bank reconciliation in Tally, which allows accounting of a company's bank account balance with the bank statement. It facilitates checking the correctness of reconciliation by marking vouchers with bank dates, and recovering reconciliations of any date. The reconciliation process in Tally involves displaying the bank account, entering the bank date for vouchers, and updating the reconciliation totals as vouchers are marked to match the bank balance.
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
The document discusses reasons for differences between bank balances shown in a passbook versus a cash book. Key reasons include timing lags between transactions being recorded in each book, outstanding checks, and fees/interest only recorded in one book. It provides examples like interest charged by the bank only appearing in the passbook initially. The document also shows how to prepare a bank reconciliation statement to reconcile the two balances based on reconciling items like outstanding checks and deposits.
The document discusses bank reconciliation. It begins by explaining key bank facilities like savings, current, and deposit accounts. It then distinguishes between the cash book balance recorded by a business and the bank statement balance provided by the bank. Differences can arise due to uncleared deposits or withdrawals. The document emphasizes the importance of preparing a bank reconciliation statement to identify differences and errors. It provides the format for the reconciliation statement and walks through the steps to prepare it, including identifying unmatched items in the cash book and bank statement and adjusting for any errors.
Here are the journal entries for the petty cash fund transactions in October:
Oct 1
Petty Cash 130
Cash at Bank 130
(To establish a petty cash fund of RM130)
Oct 31
Petty Cash Expenses
Office Supplies 36.50
Telephone and Fax 21.30
Postage 53.70
Freight-out 8.80
Petty Cash 120.30
(To record petty cash expenses for the month)
Petty Cash 260
Cash at Bank 129.70
(To reimburse the petty cash fund and increase it to RM260)
Group 2's bank reconciliation statement topic covers the definition of a bank reconciliation as explaining differences between a cash book and bank statement balances. It defines a cash book as recording all cash receipts and payments, while a bank statement is issued monthly listing transactions and the account balance. Common reconciling items include unpresented cheques, deposit transit cheques, service charges, dishonored cheques, interest allowed, and miscellaneous bank charges and credits.
The document discusses bank reconciliation, which is the process of ensuring the bank statement balance matches the business's records. It explains items that may appear in only one record like deposits not cleared. The purpose is to identify and correct discrepancies by preparing a bank reconciliation statement that lists unpresented checks, uncredited deposits, and other adjustments to calculate the correct balance. Instructions are provided on updating records, identifying reconciling items, and preparing the final reconciliation statement to match the business and bank records.
A bank is a financial institution that creates money by lending money to borrowers, generating corresponding deposits on its balance sheet. Cash books and pass books are accounting records used by banks and customers. A bank reconciliation statement reconciles the balance in a cash book to the balance in a pass book, accounting for discrepancies like outstanding deposits or checks. Common reconciling items include checks that have been deposited but not cleared, checks issued but not cashed, bank charges, interest earned, and direct payments made by the bank.
This document contains sample questions and answers related to MBA semester 1 financial and management accounting. It includes questions on topics like accounting conventions, analyzing business transactions, preparing a balance sheet from financial ratios, and differences between financial and management accounting. The document provides resources for students to find more complete answers on accounting questions on the website www.smuHelp.com.
The document discusses bank reconciliation statements (BRS). A BRS reconciles the differences between a business's cash book balance and bank passbook balance. It is prepared by the business/customer to identify reasons for any differences, such as outstanding deposits/checks. The key reasons for differences and methods for preparing a BRS are outlined, including an example problem demonstrating how to prepare a BRS.
The document discusses journalizing transactions and provides examples. It begins by explaining what journals are and their purpose in accounting. It then provides examples of typical source documents used for various transactions, such as receipts, invoices, and check stubs. Several sample transactions are journalized to demonstrate double-entry accounting, including receiving cash from the owner, paying cash for supplies, receiving cash from sales, and paying expenses. Key concepts discussed are the need for objective evidence in the form of source documents and recording transactions in journals in chronological order.
This document provides information about obtaining fully solved assignments. It instructs students to send their semester and specialization name to an email address or call a phone number to receive assignments. It then provides an example assignment for BBA203 Financial Accounting, including sample questions and answers. The assignment covers topics like journal entries, accounting objectives, treatment of goodwill, differentiation of trade and cash discounts, features and objectives of final accounts, and preparation of trading, profit and loss statements and a balance sheet.
This document contains examples of bank reconciliation statement exercises. It provides the opening balances, deposits and withdrawals for cash books and passbooks on certain dates. It asks to prepare bank reconciliation statements based on the given information, which would show any differences between the cash book and passbook balances and the final balance according to the passbook. It provides details like cheques issued but not cleared, deposits not yet reflected in the bank statement, bank charges, and errors in recording transactions.
04 Basic Hotel's Accounting by Dino Leonandri-STP TrisaktiDINOLEONANDRI
This document discusses hotel revenue accounting entries. It provides details on supporting documents needed for sales journal entries, such as receipts and reports. It explains that room and service sales are recognized after the guest has stayed or consumed the product/service. The document also breaks down hotel sales into room/food/drink sales, service charges, and taxes. An example is provided to record sales details and make journal entries.
This document provides an overview of cash books and petty cash books. It defines a cash book as a book of original entry for cash transactions that records money paid into and out of a business bank account. It also describes the importance of cash books for safeguarding assets and ensuring accurate accounting records. The document explains petty cash books are used to record small cash payments to avoid numerous individual ledger postings. It also outlines the imprest system for controlling petty cash funds through regular reimbursements to restore the original cash float amount.
Bank reconciliation statement is a report which compares the bank balance as per company's accounting records with the balance stated in the bank statement.
It is normal for a company's bank balance as per accounting records to differ from the balance as per bank statement due to timing differences. Certain transactions are recorded by the entity that are updated in the bank's system after a certain time lag. Likewise, some transactions are accounted for in the bank's financial system before the company incorporates them into its own accounting system. Such timing differences appear as reconciling items in the Bank Reconciliation Statement.
The purpose of preparing a Bank Reconciliation Statement is to detect any discrepancies between the accounting records of the entity and the bank besides those due to normal timing differences. Such discrepancies might exist due to an error on the part of the company or the bank.
The Accounting Cycle: Step 2 - Journalizing leblanjo
Journalizing is the process of recording accounting transactions in journals. It involves recording the date, debit account, credit account, and source document for each transaction. The general journal is used to initially record transactions with two money columns for debits and credits. Opening entries record the beginning balances for accounts listed on the balance sheet through journal entries.
This document discusses bank reconciliation statements. It defines a bank reconciliation statement as a schedule that reconciles any differences between the bank balance shown on the bank statement and the cash book. The document outlines reasons for differences between the two balances, including unpresented checks, uncredited deposits, and bank charges. It provides rules for debiting and crediting items in a bank reconciliation statement and steps to prepare the reconciliation, including identifying omitted transactions and adjusting entries to make the balances agree.
CS101- Introduction to Computing- Lecture 36Bilal Ahmed
This document summarizes a lecture on data management. It discusses the issues involved with managing large amounts of data, including data entry, updates, integrity, security and accessibility. It provides examples to illustrate these concepts, such as a bookstore database. Flat file databases are introduced as the simplest approach, but their limitations are outlined. Tabular storage is presented as a better alternative. The next lecture will cover relational databases and implementing a simple one.
ENG101- English Comprehension- Lecture 38Bilal Ahmed
This document provides a lesson on organizing texts using cyclic and cause-effect structures. It discusses the differences between linear and cyclic processes, and provides examples of each. Students are given practice matching sentences to diagrams of the carbon and malaria cycles. The document then discusses determining and expressing cause-effect relationships clearly in writing, providing guidelines on language to indicate certainty or doubt. Students are given additional practice identifying causal language and relationships in short texts.
The document discusses bank reconciliation in Tally, which allows accounting of a company's bank account balance with the bank statement. It facilitates checking the correctness of reconciliation by marking vouchers with bank dates, and recovering reconciliations of any date. The reconciliation process in Tally involves displaying the bank account, entering the bank date for vouchers, and updating the reconciliation totals as vouchers are marked to match the bank balance.
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
The document discusses reasons for differences between bank balances shown in a passbook versus a cash book. Key reasons include timing lags between transactions being recorded in each book, outstanding checks, and fees/interest only recorded in one book. It provides examples like interest charged by the bank only appearing in the passbook initially. The document also shows how to prepare a bank reconciliation statement to reconcile the two balances based on reconciling items like outstanding checks and deposits.
The document discusses bank reconciliation. It begins by explaining key bank facilities like savings, current, and deposit accounts. It then distinguishes between the cash book balance recorded by a business and the bank statement balance provided by the bank. Differences can arise due to uncleared deposits or withdrawals. The document emphasizes the importance of preparing a bank reconciliation statement to identify differences and errors. It provides the format for the reconciliation statement and walks through the steps to prepare it, including identifying unmatched items in the cash book and bank statement and adjusting for any errors.
Here are the journal entries for the petty cash fund transactions in October:
Oct 1
Petty Cash 130
Cash at Bank 130
(To establish a petty cash fund of RM130)
Oct 31
Petty Cash Expenses
Office Supplies 36.50
Telephone and Fax 21.30
Postage 53.70
Freight-out 8.80
Petty Cash 120.30
(To record petty cash expenses for the month)
Petty Cash 260
Cash at Bank 129.70
(To reimburse the petty cash fund and increase it to RM260)
Group 2's bank reconciliation statement topic covers the definition of a bank reconciliation as explaining differences between a cash book and bank statement balances. It defines a cash book as recording all cash receipts and payments, while a bank statement is issued monthly listing transactions and the account balance. Common reconciling items include unpresented cheques, deposit transit cheques, service charges, dishonored cheques, interest allowed, and miscellaneous bank charges and credits.
The document discusses bank reconciliation, which is the process of ensuring the bank statement balance matches the business's records. It explains items that may appear in only one record like deposits not cleared. The purpose is to identify and correct discrepancies by preparing a bank reconciliation statement that lists unpresented checks, uncredited deposits, and other adjustments to calculate the correct balance. Instructions are provided on updating records, identifying reconciling items, and preparing the final reconciliation statement to match the business and bank records.
A bank is a financial institution that creates money by lending money to borrowers, generating corresponding deposits on its balance sheet. Cash books and pass books are accounting records used by banks and customers. A bank reconciliation statement reconciles the balance in a cash book to the balance in a pass book, accounting for discrepancies like outstanding deposits or checks. Common reconciling items include checks that have been deposited but not cleared, checks issued but not cashed, bank charges, interest earned, and direct payments made by the bank.
This document contains sample questions and answers related to MBA semester 1 financial and management accounting. It includes questions on topics like accounting conventions, analyzing business transactions, preparing a balance sheet from financial ratios, and differences between financial and management accounting. The document provides resources for students to find more complete answers on accounting questions on the website www.smuHelp.com.
The document discusses bank reconciliation statements (BRS). A BRS reconciles the differences between a business's cash book balance and bank passbook balance. It is prepared by the business/customer to identify reasons for any differences, such as outstanding deposits/checks. The key reasons for differences and methods for preparing a BRS are outlined, including an example problem demonstrating how to prepare a BRS.
The document discusses journalizing transactions and provides examples. It begins by explaining what journals are and their purpose in accounting. It then provides examples of typical source documents used for various transactions, such as receipts, invoices, and check stubs. Several sample transactions are journalized to demonstrate double-entry accounting, including receiving cash from the owner, paying cash for supplies, receiving cash from sales, and paying expenses. Key concepts discussed are the need for objective evidence in the form of source documents and recording transactions in journals in chronological order.
This document provides information about obtaining fully solved assignments. It instructs students to send their semester and specialization name to an email address or call a phone number to receive assignments. It then provides an example assignment for BBA203 Financial Accounting, including sample questions and answers. The assignment covers topics like journal entries, accounting objectives, treatment of goodwill, differentiation of trade and cash discounts, features and objectives of final accounts, and preparation of trading, profit and loss statements and a balance sheet.
This document contains examples of bank reconciliation statement exercises. It provides the opening balances, deposits and withdrawals for cash books and passbooks on certain dates. It asks to prepare bank reconciliation statements based on the given information, which would show any differences between the cash book and passbook balances and the final balance according to the passbook. It provides details like cheques issued but not cleared, deposits not yet reflected in the bank statement, bank charges, and errors in recording transactions.
04 Basic Hotel's Accounting by Dino Leonandri-STP TrisaktiDINOLEONANDRI
This document discusses hotel revenue accounting entries. It provides details on supporting documents needed for sales journal entries, such as receipts and reports. It explains that room and service sales are recognized after the guest has stayed or consumed the product/service. The document also breaks down hotel sales into room/food/drink sales, service charges, and taxes. An example is provided to record sales details and make journal entries.
This document provides an overview of cash books and petty cash books. It defines a cash book as a book of original entry for cash transactions that records money paid into and out of a business bank account. It also describes the importance of cash books for safeguarding assets and ensuring accurate accounting records. The document explains petty cash books are used to record small cash payments to avoid numerous individual ledger postings. It also outlines the imprest system for controlling petty cash funds through regular reimbursements to restore the original cash float amount.
Bank reconciliation statement is a report which compares the bank balance as per company's accounting records with the balance stated in the bank statement.
It is normal for a company's bank balance as per accounting records to differ from the balance as per bank statement due to timing differences. Certain transactions are recorded by the entity that are updated in the bank's system after a certain time lag. Likewise, some transactions are accounted for in the bank's financial system before the company incorporates them into its own accounting system. Such timing differences appear as reconciling items in the Bank Reconciliation Statement.
The purpose of preparing a Bank Reconciliation Statement is to detect any discrepancies between the accounting records of the entity and the bank besides those due to normal timing differences. Such discrepancies might exist due to an error on the part of the company or the bank.
The Accounting Cycle: Step 2 - Journalizing leblanjo
Journalizing is the process of recording accounting transactions in journals. It involves recording the date, debit account, credit account, and source document for each transaction. The general journal is used to initially record transactions with two money columns for debits and credits. Opening entries record the beginning balances for accounts listed on the balance sheet through journal entries.
This document discusses bank reconciliation statements. It defines a bank reconciliation statement as a schedule that reconciles any differences between the bank balance shown on the bank statement and the cash book. The document outlines reasons for differences between the two balances, including unpresented checks, uncredited deposits, and bank charges. It provides rules for debiting and crediting items in a bank reconciliation statement and steps to prepare the reconciliation, including identifying omitted transactions and adjusting entries to make the balances agree.
CS101- Introduction to Computing- Lecture 36Bilal Ahmed
This document summarizes a lecture on data management. It discusses the issues involved with managing large amounts of data, including data entry, updates, integrity, security and accessibility. It provides examples to illustrate these concepts, such as a bookstore database. Flat file databases are introduced as the simplest approach, but their limitations are outlined. Tabular storage is presented as a better alternative. The next lecture will cover relational databases and implementing a simple one.
ENG101- English Comprehension- Lecture 38Bilal Ahmed
This document provides a lesson on organizing texts using cyclic and cause-effect structures. It discusses the differences between linear and cyclic processes, and provides examples of each. Students are given practice matching sentences to diagrams of the carbon and malaria cycles. The document then discusses determining and expressing cause-effect relationships clearly in writing, providing guidelines on language to indicate certainty or doubt. Students are given additional practice identifying causal language and relationships in short texts.
ENG101- English Comprehension- Lecture 26Bilal Ahmed
This document provides a lesson on subject-verb agreement in English sentences. It discusses how singular subjects take singular verbs and plural subjects take plural verbs. It then examines situations that can cause problems with subject-verb agreement, including when the subject and verb are separated by a prepositional phrase, when the verb comes before the subject, when the subject is an indefinite pronoun, and with compound subjects. Examples are provided and practices exercises are included for students to identify subjects and verbs.
CS101- Introduction to Computing- Lecture 45Bilal Ahmed
This lecture provides a review and wrap-up of the CS101 Introduction to Computing course. It summarizes key topics covered over the past 44 lectures such as programming methodology, readable code, algorithm design, testing and debugging. It reviews objectives of the course which were to build an appreciation of fundamental computing concepts, familiarize students with popular productivity software, and achieve beginner proficiency in web development. The lecture concludes by asking for student feedback on how well the course objectives were achieved.
A presentation on our work implementing the best practices for California voter guides at the Future of California Elections (FOCE) 2016 conference, February 26, 2016. Presenters: Whitney Quesenbery, Nancy Frishberg, Drew Davies.
For more information about this project and links to electronic versions of the pages and other resources in this presentation: http://civicdesign.org/projects/how-voters-get-information/
Alicia Rogers is seeking a position that utilizes her skills in computer programs like Microsoft Office, laboratory information systems, and Adobe Acrobat. She has over 10 years of experience in roles such as Lead Stability Coordinator, DEA Coordinator, and Stability Coordinator at Alcami Corporation where she managed stability programs, sample control, and DEA regulations. Rogers has an Associate's degree in Chemistry and is certified in DEA regulations, cGMP, safety practices, and hazardous materials handling.
1. Remove personal cash from assets
2. Add note payable for remaining furniture cost to liabilities
3. Remove donated computer from assets
The balance sheet contains errors that do not comply with GAAP. It includes Simon's personal cash in assets and omits a note payable for the remaining cost of office furniture from liabilities, since it is not yet due. It also incorrectly includes a donated computer in the asset amount for office furniture.
This document provides information about obtaining fully solved assignments for the SMU BBA Spring 2014 semester. It includes details of an assignment for the subject of Financial Accounting, including questions about accounting objectives and limitations, petty cash books, accounting errors, preparing trading and profit/loss accounts and balance sheets, and bank reconciliation statements. Students are instructed to send their semester and specialization details to a provided email address or call a phone number to receive assistance with their assignments.
This document provides information about obtaining fully solved assignments. It includes a phone number and email address to contact for assistance and provides instructions to include semester and specialization when emailing. The document also notes that email conversation is preferred over repeated phone calls. It then provides a sample assignment question document that includes 6 questions related to accounting concepts, transactions, final accounts, bank reconciliation, and partnership accounts.
Financial accounting mgt101 power point slides lecture 27Abdul Wadood Ansary
This document discusses control accounts for debtors and creditors when a person is both a debtor and creditor. It provides examples of journal entries for settling payables and receivables, as well as examples calculating control account balances based on monthly transaction data from subsidiary ledgers. Bad debts, discounts received and allowed are also discussed in the context of control accounts.
Financial accounting mgt101 power point slides lecture 22Abdul Wadood Ansary
The document discusses reasons for differences between bank book and bank statement balances. It provides examples to illustrate how receipts and payments are recorded on different dates for the bank book versus bank statement due to timing of transactions. Bank charges and interest posted directly by the bank will also lead to differences. Bank reconciliation is performed by adjusting the bank book balance for any unpresented deposits or uncredited withdrawals per the most recent bank statement.
The document discusses bank reconciliation statements. It provides examples to illustrate the process of reconciling a bank book balance with a bank statement balance. Key points include:
- Transactions may be recorded on different dates in the bank book versus the statement due to processing times.
- Unpresented cheques in the bank book are deducted from the book balance to match the statement.
- Uncredited deposits in the statement are deducted from the statement balance to match the book.
- Adjusting entries may be needed if one record captures fees/charges not in the other.
- A reconciliation statement deducts unpresented and uncredited amounts to show equivalent book and statement balances.
A bank reconciliation statement compares a company's cash balance sheet to its bank statement to identify discrepancies. Reconciling these accounts ensures accurate cash records and detects fraud. Differences can occur due to deposits and checks in transit, bank fees, interest, and returned checks. The reconciliation process involves comparing checks and deposits, adjusting for these amounts, then ensuring the adjusted balances match. Regular reconciliations are important for financial health.
Dear students get fully solved SMU MBA assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
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This document provides information on 3 assignments related to accounting and finance topics. It includes instructions and numerical problems related to preparing a triple column cash book, rectifying accounting errors, preparing a balance sheet and cash flow statement, calculating ratios from income statements, and the steps to prepare a funds flow statement. The document advertises an online service that provides solved assignments for various subjects for Rs. 150 per subject or Rs. 700 per semester. It provides the website and email contact for the assignment solving service.
Chapter 1 Audit of Cash and Cash Equivalents.pdfAngelAradan1
Here are the steps to solve this problem:
1. The compensating balance required is 10% of the loan principal. Let's call the loan principal x. Then the compensating balance is 0.1x.
2. The bank requires Victoria to maintain a compensating balance of 0.1x in its current account that currently has a balance of P20,000. So we can write: 0.1x + P20,000 = Compensating balance required
3. The interest rate on the loan is 12%. But Victoria earns 2% interest on the compensating balance in its current account. So the effective interest rate Victoria pays is 12% - 0.02(0.1x) = 12%
This document provides an assignment for a Financial Accounting course. It includes 6 questions assessing various accounting concepts:
1. Explain objectives and limitations of accounting. Calculate petty cash transactions.
2. Define petty cash book and solve a petty cash problem.
3. Define accounting errors and provide examples of one-sided errors.
4. Prepare trading, profit and loss, and balance sheet from a trial balance involving various adjustments.
5. Define and explain the importance of bank reconciliation statements. Prepare a bank reconciliation statement.
6. Explain bill endorsement and provide journal entries for related parties in a bill transaction.
The document discusses bank reconciliation statements. It begins by outlining the content, performance, and learning competencies which include describing bank reconciliation statements, identifying common reconciling items, and analyzing their effects. It then provides motivation and introduces the key objectives of understanding the nature of bank reconciliation statements, identifying reconciling items, and analyzing their effects. The remainder of the document provides details on reconciling items, the reconciliation process involving comparing bank and accounting records, and examples of reconciling different balances.
Financial accounting mgt101 power point slides lecture 28Abdul Wadood Ansary
This document discusses rectifying errors in accounting. It defines different types of errors like errors of omission, commission, principle, and original entry. It provides examples of rectifying entries for each type of error, such as debiting/crediting the correct account to reverse a wrong entry. The document also gives examples of rectifying specific errors, like recording additional capital in the sales account or an expense in the asset account. The overall process for rectifying errors involves identifying the correct entry, noting the incorrect entry, and then passing an offsetting entry to reverse the incorrect effect and record the correct effect.
The document discusses the key steps in the accounting cycle: 1) Financial transactions are recorded by debiting and crediting the appropriate accounts; 2) The transactions are posted to accounts in the general ledger; 3) At the end of the period a trial balance is prepared to ensure debits equal credits; 4) Adjusting entries are made if needed and an adjusted trial balance is prepared; 5) Financial statements are created using the adjusted account balances; 6) Revenue and expense accounts are closed out to begin the next accounting period.
The document discusses various types of adjustments in financial accounting including accruals, prepayments, and irrecoverable debts.
It explains that accruals involve increasing both a balance sheet and income statement account to properly record expenses incurred and revenues earned during an accounting period. Prepayments are costs that are recognized over multiple periods, such as prepaid rent. Irrecoverable debts, or bad debts, refer to accounts that are deemed uncollectible and must be written off.
The document provides examples and journal entries for accrued expenses, accrued revenues, prepaid expenses, unearned revenues, direct write-offs of bad debts, and use of an allowance method for bad debts. It concludes with multiple choice questions
Model Questions SET- Accountancy XI (three set model questions)YEP Nepal
This document contains a model set of accounting questions for Grade XI students. It includes 22 multiple choice and numerical questions covering various accounting concepts and transactions. The questions require students to prepare journal entries, ledger accounts, cash books, trial balances, and financial statements. Correct answers are to be provided in students' own words as much as possible. The exam is 3 hours long and carries a total of 100 marks.
The document provides details about an accounting for business program by Afterscho☺ol Centre for Social Entrepreneurship. It includes instructions for participants to prepare trading and profit and loss accounts based on transaction details provided for a business owner named Goti for the year ended 31 March 2007. It also provides an additional information and asks participants to prepare a balance sheet as on that date.
This material is a part of our PGPSE programe. Our programme is available for any student after class 12th / graduation. AFTERSCHO☺OL conducts PGPSE, which is available free to all online students. There are no charges. PGPSE is a very rigorous programme, designed to give a comprehensive training in social entrepreneurship / spiritual entrepreneurship. This programme is aimed at those persons, who want to ultimately set up their own business enterprises which can benefit society substantially. PGPSE is a unique programme, as it combines industry consultancy, business solutions and case studies in addition to spirituality and social concerns. You can read the details at www.afterschoool.tk or at www.afterschool.tk
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This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
1. Financial Accounting
1
Lecture – 23
Recap
• Bank reconciliation
• Balance in our bank book is usually a debit balance, but it
can be credit in case of running finance facility.
• Reasons for differences in bank book and bank statement:
Cheques issued but not presented in bank
Cheques received / deposited not yet credited by bank
Bank charges deducted by bank
Profit given by bank
Money paid in directly by customers / dealers
Payments made by our bank on our standing instructions
2. Financial Accounting
2
Lecture – 23
Example 1
• Consider the following data for the month of June of T Company
• Balance as per bank book is Rs. 70,240
• Bank statement showed a favourable balance of Rs. 73,920..
• Examination of bank book and bank statement revealed the
following:
A cheque of Rs. 4,920 paid into bank was not credited by the
bank until July 3rd
.
A standing order for payment of annual payment of Rs. 1,000
had not been entered into bank book.
On 27th
June two customers of T Co. paid directly into bank Rs.
5,500, advice of which was received in July.
Cheques issued but not presented in the bank amounted to Rs.
4,600.
The bank had debited the account by Rs. 500 on account of
bank charges.
3. Financial Accounting
3
Lecture – 23
• Lets assume that T Co. has not closed its books.
• You are required to adjust the bank book and then
prepare a bank reconciliation statement.
4. Financial Accounting
4
Lecture – 23
Solution
• Following require adjustment in bank book:
Payment of an annual subscription Rs. 1,000, not entered
in bank book.
Debit Relevant Expense A/c 1,000
Credit Bank 1,000
Receipts from two customers of directly into bank Rs.
5,500,
Debit Bank 5,500
Credit Customer’s Accounts 5,500
Bank charges Rs. 500
Debit Bank Charges Account 500
Credit Bank 500
5. Financial Accounting
5
Lecture – 23
Adjustments in Bank Book
Original Balance As Per bank book 70,240
Credit / Less Payment on standing orders (1,000)
Credit / Less bank charges (500)
Add Receipts from customers 5,500
Adjusted balance as per bank book 74,240
6. Financial Accounting
6
Lecture – 23
Solution
T. Co.
Bank Reconciliation Statement as on June 30, 20—
Balance as per Bank Book 74,240
Add Un presented cheques 4,600
Less Un credited cheques (4,920)
Balance s per bank statement 73,920
7. Financial Accounting
7
Lecture – 23
Example 2
• Same data as previous example.
• Balance as per bank book is Credit Rs. 56,000
• As per bank statement unfavorable balance of Rs. 52,320
8. Financial Accounting
8
Lecture – 23
Solution
Adjustments in Bank Book
Original Balance As Per bank book (56,000)
Credit / Less Payment on standing orders (1,000)
Debit / Add Receipts from customers 5,500
Credit / Less bank charges (500)
Adjusted balance as per bank book (52,000)
9. Financial Accounting
9
Lecture – 23
Solution
T. Co.
Bank Reconciliation Statement as on June 30, 20—
Balance as per Bank Book (52,000)
Add Un presented cheques 4,600
Less Un credited cheques (4,920)
Balance as per bank statement (52,320)
10. Financial Accounting
10
Lecture – 23
Example 3
• From the following data ascertain the balance as per bank
statement of Nasir & Co on March 31, 20--
Balance as per bank book Rs. 63,000
Cheques issued but not presented for payment Rs.
12,000.
Cheques deposited but not cleared Rs. 20,000
Profit on deposit was credited by bank but not debited in
bank book Rs. 2,000.
A customer paid into bank directly Rs. 15,000 but the
same was not recorded in bank book.
Other receipts in bank that were not recorded in bank
book Rs. 8,000.
11. Financial Accounting
11
Lecture – 23
Solution
Nasir and Co.
Balance as per Bank Book 63,000
Add Un presented cheques 12,000
Less Un credited cheques (20,000)
Add Profit received 2,000
Add amount deposited by customer 15,000
Add other receipts in bank 8,000
Balance as per bank statement 80,000
12. Financial Accounting
12
Lecture – 23
Solution
Nasir and Co.
Balance as per Bank Statement 80,000
Less Un presented cheques (12,000)
Add Un credited cheques 20,000
Less Interest received (2,000)
Less amount deposited by customer (15,000)
Less other receipts in bank (8,000)
Balance as per bank book 63,000