Please Finish the following using Canadian Accounting versio

Please Finish the following using Canadian Accounting version of Bank reconciliation statement:

Neopolitan Ltd

Bank Reconciliation

July 31

Cash Balance Per Bank

$10670

Add:

Deposits in transit

1968

8702

Less:

Outstanding Cheques

2359

Reconciled Cash balancer per bank

6343

Cash Balance Per Books

Add:

EFT collections on Account

1276

Less:

NSF cheque and fee

Bank Service Charge

40

Reconciled Cash Balance Per books                                                               

USE THE FOLLOWING INFORMATION to complete or correct the above bank reconociliations statement

The following information is for Neopolitan Ltd in July

Cash balance per bank, July 31, $10,670

Cash balance per general ledger cash account, July 31, $8,953

Bank Service Charge, $40

Deposits in Transit, $1,968

Electronic receipts from customers in payment of their accounts, $1,276, not previously recorded by the company

Outstanding cheques, $2,359

Cheque #373 was correctly written in the amount of $890 but was incorrectly recorded by the company’s bookkeeper at $980.

Neopolitan Ltd Bank Reconciliation July 31
Cash Balance Per Bank		$10670
Add:	Deposits in transit	1968
		8702
Less:	Outstanding Cheques	2359
Reconciled Cash balancer per bank		6343
Cash Balance Per Books
Add:	EFT collections on Account	1276
Less:
NSF cheque and fee
Bank Service Charge		40
Reconciled Cash Balance Per books

Solution

Neopolitan Ltd Bank Reconciliation 31-Jul-18 Cash balance according to the bank statement $10,670 Add deposit in transit, not recorded by bank $1,968 $12,638 Deduct outstanding checks $2,359 Adjusted balance $10,279 Cash balance according to the company\'s records $8,953 Add receipts from customers not recorded $1,276 Add error in recording cheque $90 ($980-$890) $10,319 Deduct bank service charges $40 Adjusted balance $10,279 Yes, the bank reconciliation must always balance (reconcile) to an adjusted balance.