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Cvcitc: College of Business and Accountancy Department of Accountancy Proof of Cash

The document contains 4 problems involving the preparation of bank reconciliations and proofs of cash. The problems provide bank and book balances, debit and credit amounts, and additional transaction details. Entities are asked to prepare reconciliations between the book and bank cash balances and reconcile any discrepancies based on the information provided for specific accounting periods.

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Tyrelle Dela Cruz
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497 views2 pages

Cvcitc: College of Business and Accountancy Department of Accountancy Proof of Cash

The document contains 4 problems involving the preparation of bank reconciliations and proofs of cash. The problems provide bank and book balances, debit and credit amounts, and additional transaction details. Entities are asked to prepare reconciliations between the book and bank cash balances and reconcile any discrepancies based on the information provided for specific accounting periods.

Uploaded by

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

Cagayan Valley Computer & Information Technology College, Inc.


No. 28 Carreon Street, Centro East, Santiago City, Philippines | Telefax: (078) 305-0139
____________________________________________________________________________________________________________________
_
COLLEGE OF BUSINESS AND ACCOUNTANCY
DEPARTMENT OF ACCOUNTANCY

Proof of Cash
1. Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was
determined:
a. The cash balance per books is ₱280,000 while the cash balance per bank statement is
₱320,000.
b. Credit memo – ₱20,000
c. Debit memo – ₱15,000
d. Deposits in transit – ₱75,000
e. Outstanding checks – ₱25,000
f. The disbursements per books are overstated by ₱45,000.
g. The bank debits are understated by ₱40,000.

Requirement: Prepare the bank reconciliation.

2. Data concerning the cash records of Arones Company for the months of November and
December 20x1 are shown below:
        November 30       December 31
Book balance   11,200                                 ?
Book debits               63,800
Book credits             56,400
Bank balance 30,000                       40,800
Bank debits                           ?
Bank credits                        54,600
Notes collected by bank                         4,500                             6,000    
Bank service charge                                               40                   200 
NSF checks              1,760                 2,800
Overstatement of check in payment
    of salaries               3,800     2,400
Deposit in transit             12,000                            22,500
Outstanding checks                           19,500                          35,700
Deposit of 123 Corporation erroneously
   credited to ABC Co.’s account           4,800                 3,600

Requirement: Prepare the proof of cash.

3. Taken from the records of Girly Co. are the following:

Balance per books, October 31 4,440


Total Credits per books, November 8,320
Balance per books, November 30 2,400
Balance per bank statement, October 31 5,520
Balance per bank statement, November 30 4,560
CVCITC
Cagayan Valley Computer & Information Technology College, Inc.
No. 28 Carreon Street, Centro East, Santiago City, Philippines | Telefax: (078) 305-0139
____________________________________________________________________________________________________________________
_
Total Debits per bank statement, November 2,800
Loan proceeds directly credited to Girly’s account in October 1,200
Collection of receivable directly credited to Girly’s
account in November – not yet recorded in the books 600
NSF checks returned in October 900
NSF checks returned in November - not yet recorded in the 300
books
Check received from a customer amounting to ₱1,800
was recorded in the books in October as 180
Overstatement in book debit in October 800
Overstatement in book credit in November 300
Understatement in bank debit in October 290
Overstatement in bank credit in October 370
Deposit amounting to ₱1,050 was recorded by
the bank in November as 150

Deposits in transit – October 31 4,500


Outstanding checks – October 31 3,800

Requirement: Prepare the proof of cash.

4. Kriselda Co. has the following information for the months of June and July.
June 30 July 31
Book balance ? 9,300
Book debits 30,700
Book credits 27,000
Bank balance 10,200 16,800
Bank debits 21,300
Bank credits ?
Notes collected by bank 2,250 3,000
Bank service charge 20 100
NSF checks 880 1,400
Understatement of recorded cash
collections 1,900 1,200
Deposit in transit 6,000 11,250
Outstanding checks 9,750 17,850
Loan amortization of Kristeta
Corp. erroneously debited to
Kriselda Co.’s account 2,400 1,800

Requirement: Prepare the proof of cash.

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