Question

Instructions: Please use the information below and the attached spreadsheet (excel) to reconcile company general ledger and bank statement as of March 31, 2019. The assignment is small volume transactions and general concept you can use in professional and personal life. Press F2 button to determine if I inserted a formula and read the formulas created in column C. They are suggestive you can delete and create your own. Information: Some of the work has been completed for you in terms of reconciling each transaction in general ledger to bank statements to determine the outstanding items. The items below are your responsibility to record propertly. XYZ Company general ledger dated 03/31/2019 ending balance is $308,733.00 Bank statement dated 03/31/2019 states XYZ Company ending balance is $300,000.00 The bookkeeper determined 03/30/2019 deposit for $20,000.00 was recorded in the general ledger but not deposited at the bank until 04/02/2019 (the following accounting cycle) Payments were issued in the form of checks and recorded on general ledger but did not clear the bank: 1) CK# 1010 $50.00 2) Ck# 1013 $150.00 3) Ck# 1020 $ 2000.00 The bank collected and deposited into the bank $9,820.00 (Accounts Receivable $9,800.00 & Interest Income $20.00) The bank assessed and deducted the following transactions: 1) Accounts Receivable payment was returned (NSF) $520.00 2) Bank assessed monthly service charges of $100.00 3) Check printing fee of $133.00 Answer: $317,800.00 After the bank reconciliation balances you will need to create journal entries for all transactions not recorded in the company general ledger. XYZ Company Bank Reconciliation Statement Month Ending March 31, 2019 Bank Statement Subtotal Total Date: March 31, 2019 Bank statement ending balance Add: Deposits in transit - Deduct: Outstanding checks - Adjusted balance as of March 31, 2019 - General Ledger Subtotal Total Balance from last reconciliation Date: March 31, 2019 Add: Deposits cleared bank not posted to General Ledger - Deduction: Consists of bank fees and entry error - Adjusted balance as of March 31, 2019 -

Answer 1

XYZ Company bank reconciliation Statement
	Date	Particular	Amount
	31-03-2019	Balance on Bank passbook(XYZ Ltd)	$ 3,00,000.00
Add	03/30/2019	Cash deposited but Not reflected in bank account	$     20,000.00
		Account Receivable payment was returned but not recorded in company general ledger	$ 520.00
		Monthly service charge deducted from bank but recorded in company general ledger	$ 100.00
		Cheque printing fee deducted from bank but not recorded in company general ledger	$ 133.00
	Total	$ 3,20,753.00
Less		Cheque is paid But not cleared in bank(Ch number# 1010)	$ 50.00
		Cheque is paid But not cleared in bank(Ch number# 1013)	$ 150.00
		Cheque is paid But not cleared in bank(Ch number# 1020)	$       2,000.00
		Bank collected the Receivable income but not Recorded in company general ledger	$       9,800.00
		Interset of Income credited by bank but recorded in company general ledger	$ 20.00
	Company general ledger balance as on 03/31/2019	$ 3,08,733.00