User Account

All Pages

Prepare a bank reconciliation statement for Windows Ltd

Assignment Help Accounting Basics
Reference no: EM132815144

Question - The following information is produced by comparing the cash deposits and withdrawals recorded by the M&N Windows Ltd for the month with their most recent bank statement received at 30 June 2019:

-M&N Windows Ltd' cash at bank ledger at 30 June 2019 is: $75,864

-Credit balance as per bank statement as at 30 June 2019 is: $101,160

-Bank statement shows an electronic transfer from a customer of $3,864

-Deposits in transit, $12,540

-Interest earned on bank account, $75

-Unpresented cheques, $37,407

-Service charge included in bank statement, $150

-Cheque for insurance expense, $5,370 incorrectly recorded in books as $5,910

-A dishonoured cheque written by a client Jim Smith, $3,900The entity doesn't use special journals for record keeping. The entity prepares bank reconciliation statement at the end of each month.

Required -

a) Prepare a bank reconciliation statement for M&N Windows Ltd at 30 June 2019.

b) Discuss why a bank reconciliation is still necessary even most of the transactions take place using electronic transfer of funds nowadays.

Reference no: EM132815144

Questions Cloud

Compute the capital of marigold after admission of carnation : Compute the capital of Marigold after admission of Carnation. Marigold and Magnolia are partners with capital balances of $120,000 and $40,000, respectively.
Statistics in quantitative methods : The purpose of the assignment is to develop skills associated with selecting and applying methods for data collection,
How the qi has the potential to improve the quality : Draft a 2- to 3-page paper describing your selected QI in general, and then describe how this QI has the potential to improve the quality, safety, and outcomes.
What is the total revenue for march : What is the total revenue for March? Sold 100 of inventory for $200 on account. Bought $200 of inventory in cash. Collect $50 of account recivable
Prepare a bank reconciliation statement for Windows Ltd : M&N Windows Ltd' cash at bank ledger at 30 June 2019 is: $75,864. Prepare a bank reconciliation statement for M&N Windows Ltd at 30 June 2019
Develop your own statement of early childhood education : Develop your own statement of Early Childhood Education to guide your work with children. Describe what you consider to be the most important beliefs you hold.
What is the depreciation expense for year two : Useful life of four years and a salvage value of $19000 was purchased for $179000. What is the depreciation expense for year 2 under straight-line depreciation?
Customer benefits package : Everyone: Explain and list all the benefits in the CBP related to purchasing groceries from your local supermarket and have it delivered.
Write a brief definition of quality indicators : Choose a particular indicator that either is being addressed or you would like to see addressed at your place of employment (or previous place of employment).

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the entry to record bad debt expense

Assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense

  What is the sensitivity of the npv to changes in the price

McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $848 per set and have a variable cost of $423 per set. The company has spent.

  Classified as a sales-type lease

The lease is appropiately classified as a sales-type lease. Asuming the interest rate for the lease is 10% what will the balance reported as a liability be by the lessee on dec 31, 2007?

  Prepare bradley corporation''s single step income

The statement of cash flows for the year ended December 31, 2014, and other data for Bradley Corporation are shown below:

  Estimate electricity costs at different levels of volume

Using the high Low method, what is the formula that can be used to estimate electricity costs at different levels of volume

  Determine the net income-loss

On December 15, 2020, the board of directors declared a $260,000 dividend payable on January 31, 2021. Determine the Net income/loss

  Computing the issue price of bonds

See the Present and Future Value Tables from the Appendix for help in solving this item:

  Compute the financing cash flows for the current year

Cash Flows from Financing Activities Blaylock Company earned net income of $450,000 in 2012. Blaylock provided the following information.

  Discuss what is the after tax cost of the companys debt

Ying Import has several bond issues outstanding, each making semiannual interest payments. The bonds are listed in the following table.

  Lyle sexual-harassment claim

Lyle's sexual-harassment claim is based on the hostile work environment created by the writers' sexually offensive conduct at meetings that she was required to attend.

  What is manny realized gain or loss

Krissy Kraus and Manny Martin form K&M Corp. Will she recognize any of that gain/loss? What is Manny's realized gain/loss? Will he recognize any of that loss

  Determine the labor rate variance

Harmelon manufactures specialty electronic circuitry through a photoelectronic process. Determine the labor rate variance

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd