The cash account of Kylie Ltd$.$ Showed a balance of $$16335$ on December $30,2023.$ The bank statement as on that date showed a balance of $$18,086.$ After comparing the bank statement with the cash records, the following information was determined:

$1.$ The bank returned an NSF cheque in the amount of $$239$ that Kay has deposited on December $20.$ The cheque was a payment on a customer$$s account.

$2.$ E$-$receipts from customers on account received are worth $$2300.$ These receipts have not yet been recorded in the books of the company.

$3.$ The bank issued a credit memo for $$9$ of interest earned on Kay$$s account.

$4.$ The bank issued a debit memo for bank service charges of $$37$ which includes $$10$ for processing the NSF cheque.

$5.$ The company made an error in recording a customer$$s deposit. The company recorded the payment on account as $$209$ when it should have been recorded as $$290.$ The bank statement correctly records the deposit as $$290.$

$6.$ Deposit in transit at the end of month is $$3643.$

$7.$ Outstanding cheques written in the month of December amounts $$3,000.$ Cheques still outstanding from the month of November amounts to $$280.$

Using above information, prepare a bank reconciliation statement as on December $30,2023.$

Answer rating: 100% (QA)

To prepare a bank reconciliation statement as of December 31 2023 for Kylie Ltd we need to reconcile ... View the full answer