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Case

Preparing Comprehensive Bank Reconciliation with Theft and Internal Control Deficiencies

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The assignment is all about Preparing Comprehensive Bank Reconciliation with Theft and Internal Control Deficiencies. Ideally, it takes an in depth and careful look through a step by step analysis of how bank reconciliation is at done. The case study in review is that of Bret who apparently attempt...

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  • February 19, 2018
  • 7
  • 2016/2017
  • Case
  • Unknown
  • A
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Available practice questions

Flashcards 9 Flashcards
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Some examples from this set of practice questions

1.

Step 1: Get balance as per bank statement

Answer: Solution: Balance as per bank statement = $ 18,380.00

2.

Step 2: Add undeposited receipts

Answer: Solution: Undeposited receipts = $ 3,795.51 Balance as Per Bank Statement = $ 18,380.00 Add Undeposited Receipts = $ 3,795.51 Total = $ 22,175.51

3.

Step 3: Less Outstanding/Unpresented Cheques

Answer: Solution: List and total amounts of the unpresented cheques: Cheque No. (42,183,284,862,863,864) of amount $(140.75 180.00 253.25 190.71 226.80 165.28) respectively Total outstanding cheques amount = $(1,156.79)

4.

Step 4: Compute the Adjusted Balance per Bank

Answer: Adjusted balance per bank = Total (balance per bank statement undeposited receipts) - Total outstanding cheques Adjusted balance per bank = $22,175.51 - $1,156.79 Adjusted balance per bank = $21,018.72

5.

Step 5: Get the balance per books

Answer: Solution: The balance per books = $21,877.72

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