Reference no: EM133023972
Question - A comparison of cash boom and bank statement of Farzeel Company for the month of May 2020 revealed the followings:
1. Balance per Cash book Rs.6,180
2. Balance per Pass book Rs.5,665
3. A cheque for Rs.3600 Deposited into bank and cleared by the bank.
4. A cheque for Rs. 400 received from Ibrahim brothers and deposited into the bank was returned dishonored by bank
5. A debit memo for Rs.1500 accompanied the bank statement for locker rent. The bank had erroneously charged his to Farzeel Company instead of Farzeel bros.
6. Insurance paid by bank as per company instruction Rs 6,500
7. Dividend directly collected by bank Rs. 1,200
8. Bank services charges Rs 200
9. Direct deposit by customer in bank Rs 7000
10. The bank statement showed a debit of Rs 135 for zakat deduction and credit of Rs 210 for Bank profit
11. A cheque for Rs 3,500 issued to UBL sports complex has not so far been presented in the bank for payment.
12. A cheque for RS 980 deposited into the bank and cleared by the bank, was recorded in the bank statement as Rs 890
Required -
a) Make the bank reconciliation statements on May 30 2020?
b) Also explain each activity with the specific reasons.
c) Explain the purpose of preparing Bank reconciliation with examples.
|
Calculate inventory turnover
: Required - Calculate inventory turnover for 2021 and 2020 and days' sales in inventory at December 31, 2021, and 2020
|
|
What amount should Northwest report as its income
: What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31, 2021
|
|
Write a matlab script using the quiver
: Write a MATLAB script using the quiver and contour commands to visualize the field and its divergence.
|
|
What is the balance for long term debt
: Fifty percent of these assets are financed with debt of which $28.9 million is current liabilities. What is the balance for long term debt
|
|
Make the bank reconciliation statements on May
: A cheque for Rs.3600 Deposited into bank and cleared by the bank. Make the bank reconciliation statements on May 30 2020
|
|
Prepare a perpetual inventory record for the guitars
: Company records indicate the following for a particular line of guitars that sell for $1,600 each: Prepare a perpetual inventory record for the guitars
|
|
What will be the firm quick ratio
: Question - The Nelson Company has $1,430,000 in current assets and $550,000 in current liabilities. What will be the firm quick ratio
|
|
Journalize the given transactions
: Journalize the given transactions - Jan. 4 Issued 200,000 common shares for $210,000 for a building with a market value of $260,000
|
|
Calculate the yield of the bond
: The bond pays interest annually and was trading on a certain day for 120.17%. If the bond matures in 17 years calculate the yield of the bond
|