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On 30 June, Mr. Xind cash book showed an overdraft of Rs 300 on his current account. A bank statement as at the end of June showed that Mr. Xind was in credit with the bank by Rs 65.
 
On checking the cash book with the bank statement, you find the given:
 
a) Cheques drawn of Rs 500 entered in the cash book however not yet presented.

b) Cheques received of Rs 400 entered in the cash book however not yet credited by the bank.

c) The Bank has transferred interest received on deposit account of Rs 60 to current account, recording the transfer on 5 July.

This amount has been credited in the cash book on 30 June.

d) Bank charges of Rs 35 in the bank statement had not been entered in the cash book.

e) The payment side of the cash book has been undercasted by Rs 10.

f) Dividend received amounting to Rs 200 were paid direct to the bank and not entered in the cash book.

g) A cheque for Rs 50 drawn on deposit account has been shown in the cash book as drawn on the current account.

h) A cheque issued to Mr. Yind for Rs 25 was replaced when out of date. It was credited again in the cash book, no other entry being made. Both cheques were involved in the total of unpresented cheques shown above.
 
REQUIRED:

A) Make an adjustmented cash book.

B) Make a bank reconciliation statement.

C) Describe the following terms:

a) Standing Order
b) Direct Debit
c) Bank Overdraft
d) Dishonoured Cheque

Financial Accounting, Accounting

  • Category:- Financial Accounting
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