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Prepare bank reconciliation for Rida Supply Company for May

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Reference no: EM132571284

Question - The following information was available for Rida Supply Company for the month ended 31 May, 2017.

On 31 May, 2017, the Cash account of Rida Supply Company had a balance of Rs. 358,500.

The May bank statement indicated a balance of Rs. 545,800.

The bank reported the collection of a note receivable for Rida of Rs. 73,000 including Rs. 5,000 interest.

It was observed that the bank statement did not include a deposit of Rs. 47,000 made by Rida on 31 May and that cheques totalling Rs. 149,300 issued by Rida had not cleared the bank.

Rida recorded an insurance expense payment of Rs. 1,500 as Rs. 15,000.

Service charges of Rs. 1,500 were charged for cheque printing.

Required -

a) Prepare a bank reconciliation for Rida Supply Company for May.

b) Prepare journal entries to adjust the accounts at 31 May.

Reference no: EM132571284

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