ACC1231 - Bank Reconciliation

Assalamualaikum dear students

As promised, I've posted a bank reconciliation exercise for you to do. Please download this and try this on your own. I would like you to participate for this exercise and we shall discuss this further during the class time.

Item #1.	The bank statement for August 2016 shows an ending balance of $3,490.
Item #2.	On August 31 the bank statement shows charges of $35 for the service charge for maintaining the checking account.
Item #3.	On August 28 the bank statement shows a cheque return of $100 plus a related bank fee of $10. The return cheque is a customer's cheque that was returned because of insufficient funds.
Item #4.	The bank statement shows a charge of $80 for cheque printing on August 20.
Item #5.	The bank statement shows that $8 was added to the checking account on August 31 for interest earned by the company during the month of August.
Item #6.	The bank statement shows that a note receivable of $1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew $40 from the company's account as a fee for collecting the note receivable.
Item #7.	The company's Cash account at the end of August shows a balance of $967.
Item #8.	During the month of August the company wrote cheques totalling more than $50,000. As of August 31 $3,021 of the cheques written in August had not yet cleared the bank and $200 of cheques written in June had not yet cleared the bank.
Item #9.	The $1,450 of cash received by the company on August 31 was recorded on the company's books as of August 31. However, the $1,450 of cash receipts was deposited at the bank on the morning of September 1.
Item #10.	On August 29 the company's Cash account shows cash sales of $145. The bank statement shows the amount deposited was actually $154. The company reviewed the transactions and found that $154 was the correct amount.

As for BUS1233 you are also encourage to try this as it is also relates to you. (But in different perspective)

InsyaAllah i will try to post more question if time permits....