Mr. & Mrs. Bii's Foodie Hub's November 30, bank statement shows a balance of P1, 506, 000. The general ledger shows a cash balance of P1, 280, 000. The following information was determined: 

 ▪ A customer deposited P680, 000 to Mr. & Mrs. Bii's Foodie Hub's account. Mr. & Mrs. Bii's Foodie Hub has not yet recorded this collection.

▪ Mr. & Mrs. Bii's Foodie Hub placed the month-end collections of P320, 000 in an overnight depository on November 30. The deposit is not yet reflected in the bank statement.

 ▪ A customer check amounting to P26, 000 was returned by the bank. The check was marked "NSF". 

▪ Bank charges, directly deducted by the bank from Mr. & Mrs. Bii's Foodie Hub's account, amounted to P2, 000. 

▪ Outstanding checks were P120, 000. This includes a stale check of P5, 000 and a certified check of P8, 000. 

▪ The cash disbursements per books (book credits) are understated by P213, 000.

 

 Requirement: Prepare the bank reconciliation.

Answer rating: 100% (QA)

Bank Reconciliation Statement for Mr Mrs Biis Foodie Hub 1 Starting Bank Statement Balance November ... View the full answer