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Rosal Company Cash Reconciliation

The document provides bank statement and general ledger balances for Rosal Company for July and August, along with cash receipt and payment amounts. It also notes several reconciling items for August including bank charges and fees, deposits and checks in transit, returned checks, interest collected by the bank, and a recording error on a check issued.

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Anie Martinez
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358 views1 page

Rosal Company Cash Reconciliation

The document provides bank statement and general ledger balances for Rosal Company for July and August, along with cash receipt and payment amounts. It also notes several reconciling items for August including bank charges and fees, deposits and checks in transit, returned checks, interest collected by the bank, and a recording error on a check issued.

Uploaded by

Anie Martinez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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II.

The following information pertains to the cash of Rosal Company:

1.

July 31 August 31
Balance shown on bank statement P2,738 P2,696
Balance shown in general ledger before 2,578 2,500
reconciling the bank account
Outstanding checks 863 1,015
Deposit in transit 685 1,245

2.

For August
Deposits shown on bank statement P5,588
Charges shown on bank statement 5,630
Cash receipts shown on company's books 5,398
Cash payments shown on company's books 5,476

3. The bank service charge was P18 in July (recorded by the company during August) and P24 in August
(not yet recorded by the company).

4. Included with the August bank statement was a check for P500 tha had been received on August 25
from a customer on account. The returned check, marked "NSF" by the bank, has not yet been recorded
on the company's books.

5. During August the bank collected P750 of bond interest for Rosal Company and credited the proceeds
to the company's account. The company earned the interest during the current accounting period but
has not yet recorded it.

6. During August the company issued a check for P696 for equipment. The check, which cleared the
bank during August, was incorrectly recorded by the company for P896.

Required: Prepare a Proof of Cash

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