Homework SourseBrett White operates a roller skating center Roll AroundRoll
Brett White operates a roller skating? center, Roll AroundRoll Around USA. He has just received the monthly bank statement at MayMay
31
from??
RidgewayRidgeway
National? Bank, and the statement shows an ending balance of
$ 725$725.
Listed on the statement are an EFT rent collection of
$ 315$315?,
a service charge of
$ 8$8?,
two NSF checks totaling
$ 95$95?,
and
aa
$ 9$9
charge for printed checks. In reviewing his cash? records,
WhiteWhite
identifies outstanding checks totaling
$ 611$611
and
a Maya May
3131
deposit in transit of
$ 1 comma 805$1,805.
During
MayMay?,
he recorded a
$ 310$310
check for the salary of a? part-time employee as
$ 31$31.
White\'sWhite\'s
Cash account shows
a Maya May
3131
balance of
$ 1 comma 995$1,995.
Requirement
1. How much cash does
WhiteWhite
actually have at
May 31May 31?,
20162016??
Solution
Solution :
Cash balance white actually have on may 31, 2016 = $1,919
| Bank Reconciliation - May 31 | |||
| Bank\'s Cash balance | Company\'s cash balance | ||
| Particulars | Amount | Particulars | Amount |
| Ending balance as per Bank Statements | $725.00 | Ending Balance as per cash books | $1,995.00 |
| Additions: | Additions: | ||
| Outstanding cash receipt | $1,805.00 | EFT Rent Collection | $315.00 |
| Deductions: | Deductions: | ||
| Outstanding Checks | $611.00 | NSF Cheque | $95.00 |
| Printing check charges | $9.00 | ||
| Service Charge | $8.00 | ||
| Incorrect recording of salary check ($310 - $31) | $279.00 | ||
| True cash balance as per bank | $1,919.00 | True cash balance as per books | $1,919.00 |
