Reference no: EM132830859

Problem 1: Prepare Bank Reconciliation Statement for the month of December, 2019 by missing method using T accounts (for cash book and for bank statement) and Reconciliation Statement:

The cash book of M/S Universal Trading Company shows a cash book balance of P 102,568 in Soneri bank Ltd. as of 12/31/2019

In January, 2020 the firm received a bank statement for the month of December, 2007 showing a credit balance of P118,068. Comparison of bank statement with the cash revealed the following anomalies.

i. Check issued totaling P 115,250 recorded in cash book but not appeared in the bank statement.
ii. Check received from customers amounting to P 75,850 deposited and properly accounted for in the cash book was not credited by bank.
iii. Check received from the following customers were returned unpaid by the bank.
iv. Check from Ghazi Autos received on 12/5/2019 for P 1,200.
v. Check from Rahil Bros. received on 12/20/2019 for P 18,500.
vi. Check form Akmal Sons was received on 12/27/19 for P 2,000.
vii. Excise duty debited by bank P200.
viii. Bank charges debited by bank P 1,200.
ix. Charged commission on collection of outstation check by bank of worth P 800.