komsarn

Bank Reconciliation

A company's cash balance at bank and its cash balance according to its accounting records usually do not match. This is due to the fact that, at any particular date, checks may be outstanding, deposits may be in transit to the bank, errors may have occurred etc. Therefore companies have to carry out bank reconciliation process which prepares a statement accounting for the difference between the cash balance in company's cash account and the cash balance according to its bank statement.

Following are the transactions which usually appear in company's records but not in the bank statement:

Deposits in Transit: Deposits which have been sent by the company to the bank but have not been received by the bank at proper time before the issuance of bank statement.
Checks Outstanding: Checks which have been issued by the company but were not presented or cleared before the issuance of bank statement.

Following are the transactions which usually appear in bank statement but not in company's cash account:

Service Charges: Service charges may have been deducted by the bank. Such charges are usually not known to the company before the issuance of bank statement.
Interest Income: If any interest income has been earned by the company on its bank account, it is not usually entered in company's cash account before the issuance of bank statement.
NSF Checks: NSF stands for "not sufficient funds". These are the checks deposited by the company in bank account but the bank is unable to receive payment on those checks due to insufficient funds in the payer's account.

Example 1

Company A's bank statement dated Dec 31, 2011 shows a balance of $24,594.72. The company's cash records on the same date show a balance of $23,196.79. Following additional information is available:

Following checks issued by the company to its customers are still outstanding:

No. 846 issued on Nov 29 $320.00

No. 875 issued on Dec 26 49.21

No. 878 issued on Dec 29 275.00

No. 881 issued on Dec 31 186.50
A deposit of $400.00 made on Dec 31 does not appear on bank statement.
An NSF check of $850 was returned by the bank with the bank statement.
The bank charged $50 as service fee.
Interest income earned on the company's average cash balance at bank was $1,250.
The bank collected a note receivable on behalf of the company. Amount received by the bank on the note was $550. This includes $50 interest income. The bank charged a collection fee of $10.
A deposit of $430 was incorrectly entered as $340 in the company's cash records.

No. 846 issued on Nov 29	$320.00
No. 875 issued on Dec 26	49.21
No. 878 issued on Dec 29	275.00
No. 881 issued on Dec 31	186.50

Prepare a bank reconciliation statement using the above information.

Solution:

Company A
Bank Reconciliation
December 31, 2011

Balance as per Bank, Dec 31		$24,594.72
Add: Deposit in Transit		400.00
		$24,994.72
Less: Outstanding Checks:
No. 846 issued on Nov 29	$320.00
No. 875 issued on Dec 26	49.21
No. 878 issued on Dec 29	275.00
No. 881 issued on Dec 31	186.50
		830.71
Adjusted Bank Balance		$24,164.01

Balance as per Books, Dec 31		$23,196.79
Add:
Interest Income from Bank	$1,237.22
Note Receivable Collected by Bank	500.00
Interest Income from Note Receivable	50.00
Deposit Understated	90.00
		1,877.22
		$25,074.01
Less:
NSF Check	850.00
Bank Service Fee	50.00
Bank Collection Fee	10.00
		910.00
Adjusted Book Balance		$24,164.01

Example 2

នៅថ្ងៃទី ៣០ វិច្ឆិកា ក្រុមហ៉ុន ABC មានពត័មានទាក់ទិននឹងគណនីមូលប្បទានប័ត្រដូ ចតទៅ:

១ ក្នុងការកត់ត្រាគណេយុ្យសមតុល្យបេឡាចំនូន ៤២៥០០ ដុល្លា។រីឯសមតុល្យបេឡាក្នុង របាយករណ៏ធនាគាវិញ មានចំនូន ៣៧៧៥៨ ដុល្លា ។

២ គេនិងយកប្រាក់ដែលទទួលបាននៅថ្ងៃទី ៣០ វិច្ឆិកា មានចំនួន ៦២៤៤ ដុល្លា ទៅដាក់នៅធនាគា នៅថ្ងៃ ទី ១ ធ្នូ។

៣ ក្នុងរបាយការណ៏ធនាគាគេឃើញមានចំនួន ឥណទាន ១៦៧ ដុល្លា លេចឡើងជាការប្រាក់ សម្រេច បានក្នុងខែវិច្ឆិកា ។

៤ មូលប្បទាណប័ត្រដែលនៅសល់មមានពីរ សន្លឹកគឺ ៩២១ មានទឹកប្រាក់ ៩៦៤ ដុល្លា និង លេខ ៩២៥ មានទឹកប្រាក់ ១០៨៥ ដុល្លា ។

៥ ភ្ជាប់និងរបាយការណ៍មាន អនុសារណោះ ពន្ធ ពីរគឺ:

-បន្ទុកសេវាកម្មសម្រាប់ខែ វិច្ឆិកា ១៤ ដុល្លា។

-មូលប្បទាណប័ត្រលោកសុន ដែលមានទឹកប្រាក់ ៧០០ ដុល្លា អក្សរ NSF។

ធ្វើការកែតំរូវតាមពត័មានខាងលើ
ធ្វើការចុះតំរូវក្នុងទិន្នានុប្បវត្តទូទៅដោយយកការកែរតំរូវធនាគារជាគោល

ដំណោះស្រាយ

ABC Company

Bank Reconciliation

September,30

Balance as per Bank on November,30 37,758 $

Add: Deposit In Transit 6,244 $

44,002 $

Less: Outstanding Check

No: 921 964 $

No: 925 1085 $

2049 $

Adjust Bank Balance 41,953 $

Balance as Per Book on November, 30 42,500 $

Add: Interest Earned 167 $

42,667 $

Less : Service Charge 14 $

NSF Check 700 $

14 $

Adjust Book Balance 41,953 $

B/General Journal

Cach..................................................................167$
Interest Earned................................................................167$
To record Interest Earned Revenue

Service Charge Expense 14$
Cash.................................................................................14$
To Record Service Charge Expense

A/R ...................................................................700$
Cash .............................................................................700$
To Record NFS Check of Mr.soun

By:Komsarn