Answer to Question #122022 in Accounting for sara

Question

The cash book of J.Jones showed a balance at the bank of RS. 570 in hand on 31 January 2001. At the same date , the bank statement balance of J.Jones’ account was RS. 446 overdrawn. The difference was accounted for as follows:

i) Cheques for RS. 1 555 sent to creditors on 30 January were not paid by the bank until 8 February.
ii) Cheques amounting to RS. 2 520 paid into the bank on 31 January were not credited by the bank until 1 February.
iii) A standing order for a charitable subscription of RS. 60 had been paid by the bank on 21 January but no entry had been made in the cash book.
iv) A cheque paid by J.Jones for rent on 15 January for RS. 345 had been entered in his cash book as RS. 354.

Prepare a Bank Reconciliation Statement
If you are serving this firm as an accounts officer, why do you think preparing bank reconciliation statement is so important for reconciling firm’s and bank’s record.

Answer 1

Dear sara , your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order