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2.
Unpresented cheques
They are cheques issued by the firm that have not
yet been presented to its bank for payment.
3.
Standing orders
They are standing instructions from the firm to
the bank to make regular payments.
4.
Direct debits
They are payments made directly through the
bank.
5.
Bank charges
They are charges made by the bank to the
company for banking services used.
6.
Dishonoured cheques
They are cheques deposited but subsequently
returned by the bank due to the failure of the
drawer to pay.
7.
8.
Bank Statement
Dr
(represents
decrease)
Cr
(represents
increase)
Balance
(represents
the amount
owned to
the clients)
$
x
x
x
x
x
x
x
x
x
Example 1
Question:
1996
Dec 1
3
10
30
Uncredited
items
Bal b/f
W Lee
T Cheung
S Sin
$ 1996
2800 Dec 8
K Wong
1000
20
C Kwok
2000
29
M Tang
1400
31
Bal c/f
7200
Unpresented cheque
Bank Statement
1996
Dr
$
Dec 1
$
1600
700
100
4800
7200
Cr
$
Balance
Balance
3 Cheque deposit
8 Cheque 76343
1600
10 Cheque deposit
11 Dishonoured chequeBank charges2000
11 Service charges
30
Direct debit
12 Autopay-rent
250
20 Cheque 76344
700
31 Bank interest
31 Credit transfer-commission received
2800
1000
2000
50
300
3800
2200
4200
2200
2170
1920
1220
1270
1570
Answer:
Cash Book (Bank Column)
1996
4,800
300
50
5,150
1996
Dec 31 T. Cheung
Dishonoured cheque 2,000
31 Bank charges
31 Rent
31 Balance c/f
30
250
2870
5,150
Identify the items which have been omitted in the cash book
2870
100
2970
Less
1400
1570
x
x
x
x
x
x
x
x
x
$
x
x
x
x
x
Example 2
The facts are the same as Example 1, but
the cash book was not updated.
Answer:
Bank Reconciliation Statement as at 31 Dec 1996
$
Corrected balance in hand as per Cash Book
Add Credit transfers
Bank interest
Unpresented cheques
Less Bank charges
Dishonoured cheques
Bank deposits not yet entered on Bank Statement
Direct debit
300
50
100
30
2,000
1,400
250
$
4,800
__450
5,250
3,680
1,570
Other Issues
A.
Post-dated cheque
Accounting treatment
Dr Debtors
Cr Bank
B.
Stale cheque
Accounting treatment:
Dr Bank
Cr Creditor
C.
Example 3 :
Bank Statement
1996
Dr
Cr
Dec 1 Balance
240
1 Cheque 54321
520
2 Credit
280 O/D
2,000
8 Cheque 54232
1,600
20 Cheque 10674
300
20 Adjsutment
Balance
No adjustment
should be made
1,720
120
180 O/D
300
120
Answer:
4,000
1,000
5,000
D.
Example 5
Question :
1996
Dec 1 Bal b/f
2 C Lee
8 P Wong
31 T Kong
Uncredited
item
$ 1996
10600 Dec 2
2800
28
29
1538
30
1300
31
7200
Bank Statement
1996
Dr
$
Dec 1
Balance
2 Credit
2
Credit
3 736
8 Credit
22 Standing order-rent
24 Service charges
28 742
31 Balance
$
Bank charges( Nov) 500
K Tong-742
1000
C Au-743
1400
China Ltd-744
2100
Bal c/f
11238
7200
Unpresented cheque
Cr
$
Balance
11500
1000
2800
2400
1538
4000
200
1000
12500
15300
12900
14438
10438
10238
9238
9238
Answer
Step 1
Bank Reconciliation Statement as at 1 Dec 1996
$
Balance in hand as per Cash Book
Add Unpresented cheque
Less
uncredited item
1,000
Bank charges
$
10,600
2400
13,000
500
1,500
11,500
The adjusting items for the opening balance should not appear in
the bank reconciliation statement as at 31 Dec 1996
Step 2
11,238
11,238
1996
Dec 31 Rent
31 Service charges
31 Balance c/d
4,000
200
7038
11,238
Step 3
Less
Uncredited item
$
7,038
3,500
10,538
1,300
9,238
E.
Bank overdrafts
When there is a bank overdraft, the presentation
of the bank reconciliation statement can be:
a. the same as those needed for a debit balance,
but begins with a negative figure, or
b. the opposite of those needed for a debit
balance.
Example 6
Question :
1996
Dec 1
6
13
31
Uncredited 31
item
Bal b/f
Cash
C Lee
R Wong
Bal c/d
$ 1996
$
500 Dec 8
A Tong
300
50
16
T Chan
500
200
28
Textile Ltd
490
390
Unpresented cheque
150
1290
1290
1997
Jan 1
Bal b/d
150
Bank Statement
1996
Dr
$
Dec 1
6
8
13
16
29
Cr
$
Balance
Cash
A Tong
C Lee
T Chan
United Trust-standing order
31 Bank charges
Balance
500
50
300
200
500
270
40
550
250
450
50 O/D
320 O/D
360
Answer:
460
1996
460
150
270
40
460
(460)
490
30
390
(360)