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Prepare a bank reconcile statement using form book balance

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Reference no: EM132543500

The books of Mikae Bhd. disclosed a cash balance of RM68,757 on June 30. The bank statement as of June 30 showed a balance of RM54,780. Additional information that might be useful in reconciling the two balances follows:

(1) Cheque number 748 for RM3,000 was originally recorded on the books as RM4,500.

(2) A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Mikae's account for RM14,265, including a service fee of RM42.

(3) The deposit of June 24 was recorded on the books as RM2,895, but it was actually a deposit of RM2,700.

(4) Outstanding cheques totaled RM9,885 as of June 30.

(5) There were bank service charges for June of RM210 not yet recorded on the books.

(6) Mikae's account had been charged on June 26 for a customer's NSF cheque for RM1,296.

(7) Mikae Bhd. properly deposited RM600 on June 3 that was not recorded by the bank.

(8) Receipts of June 30 for RM13,425 were recorded by the bank on July 2.

(9) A bank memo stated that a customer's note for RM4,500 and interest of RM165 had been collected on June 27, and the bank charged a RM36 collection fee.

Required:

Question a) Prepare a bank reconciliation statement, using the form reconciling bank and book balances to the correct cash balance.

Question b) Prepare the journal entries to adjust the cash book balance to the reconciled balance.

Reference no: EM132543500

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