Reference no: EM132665036
Question - Bank Reconciliation
Reconcile the following: On November 30, Brown Sugar Plc has the below information related to cheques and cash:
1. The bank balance as per the accounting records of the company amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758.
2. Collected cash of $6,244 on November 30 will be transferred to the Bank on December 1.
3. In the Bank Statement there is a credit of $167 showed as interest earned for November.
4. There are two Outstanding Cheques N0 921 of amount $964 and N0 925 of amount $1,085.
5. In the Bank Statement there is a debit of $14 shown as Bank Service Charges, NonSufficient-Funds Cheque of Mr. Sweet with $700.
Required -
a. Prepare a Bank reconciliation statement on November 30.
b. Prepare the necessary journal entries after the preparation of the Bank reconciliation.
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