Bank Reconciliation - Manual Accounting Practice Set

This page provides instructions to prepare a bank reconciliation statement with Manual Accounting Practice Set. It explains how to identify reconciling items, record them in appropriate journals, post entries to ledger accounts, and prepare the bank reconciliation statement. The page also includes feedback, progress, grading, and time frames.

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Manual Accounting Practice Set
iCandy, Australasian Edition 3
Feedback: Bank reconciliation
This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback
provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the
next page of your practice set.
Now that you have finished recording all of the transactions for the month of June, you are required to prepare a bank
reconciliaton as at 30 June 2017.
The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account
against the balance of cash reported in the bank statement.
Instructions for bank reconciliation
Identify any reconciling items and record the relevant reconciling items in the appropriate journals. To do this, you will
need to use:
the previous month's bank reconciliation statement, and
the current month's bank statement
Note that the general journal is not provided on this page of the practice set because you are required to use
other journals to record those reconciling items.
When you enter items into the journals, if a cheque number is not required, you need to fill the appropriate input box
with an X.
Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies
and procedures.
Total the Cash at Bank columns in the special journals. Record the amount in the Total row of each journal. On this web
page, you are not required to total the rest of the columns in the special journals. You will total these columns and post
them to the ledger in the next stage of the practice set.
1)
2)
3)

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Post the total of the Cash at Bank columns in the special journals to their corresponding ledger account. To confirm that
the posting has been performed, a posting reference is recorded in the last row of the special journals.
Prepare the bank reconciliation statement as at 30 June 2017. The bank reconciliation statement provided below may
contain more rows than required.
All answers can be entered as positive or negative numbers as required.
Back-On-Track functionality
Please note that any answers from previous pages carried through onto this page (either on the page or in a popup
information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages
are no longer shown.
Remember:
Enter all answers to the nearest whole dollar.
When completing the journals, if a cheque number is not required, you need to fill the appropriate input box with an
X.
You are also required to apply the journals and ledgers instructions provided in previous weeks.
Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant
accounting records have been completed.
If you want to print this page, please read and follow the special printing information to ensure you can print the special
journals in full.
Bank Reconciliation Special Journals Subsidiary Ledgers General Ledger
iCandy
Bank Reconciliation Statement
As at 30/06/2017
Balance as per bank statement: 71954 CR
Add:
deposit in transit 17907
deposit in transit 3857
deposit in transit 5712
Total 27476
99430 CR
Less:
unpresented cheque No. 705 2195
No.
No.
No.
Total 2195
Adjusted bank balance 97235 CR
Balance as per ledger account 97235 DR
4)
5)
Show All

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ARC - Candy Rush
Interest Revenue
Feedback
iCandy
Bank Reconciliation Statement as at 30/06/2017
Balance as per bank statement: 71,954 CR
Add:
deposit in transit 17,907
deposit in transit 3,857
deposit in transit 5,712 27,476
99,430 CR
Less:
unpresented cheque No. 705 2,195 2,195
Adjusted bank balance 97,235 CR
Balance as per ledger account 97,235 DR
(Q=801.cashJournalsBankRec)
CASH RECEIPTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as
indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you
are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the
type of transaction can be determined by the name of the account entered into this column.
Date Account Post
Ref.
Debit Credit Cost of
SalesCash at Bank Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts
Jun 5 ARC - Sugar-hi 110-5 2,253 2,253
Jun 13 ARC - Candy Man 110-1 2,736 304 3,040
Jun 14 Sales Revenue X 7,344 7,344 3,312
Jun 19 ARC - Candy Rush 110-6 2,700 2,700
Jun 21 Sales Revenue X 20,160 20,160 13,200
Jun 23 ARC - Mercury Square 110-3 17,907 17,907
Jun 28 Sales Revenue X 8,664 8,664 5,016
Jun 29 ARC - Central Candy 110-4 3,857 3,857
Jun 29 Sales Revenue X 5,712 5,712 3,080
Jun 30 110-6 -2700 0 0 -2700 0 0
Jun 30 403 562 0 0 0 562 0
Jun 30
Jun 30
Jun 30
Jun 30

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Bank Charges
Total 69195
Post Reference ( 100 )
CASH PAYMENTS JOURNAL
Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as
indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you
are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the
type of transaction can be determined by the name of the account entered into this column.
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 Prepaid Rent 695 140 9,600 9,600
Jun 2 Office Supplies 696 130 506 506
Jun 4 Wages Payable 697 220 517 1,143 1,660
Jun 6 Electricity Payable 698 221 755 755
Jun 7 APC - Spud's Confectionery 699 210-6 3,862 3,862
Jun 8 APC - East Tangiers Cooperative 700 210-2 2,100 2,079 21
Jun 11 APC - Hershel's 701 210-1 4,416 4,416
Jun 11 Wages Expense 702 X 1,766 1,766
Jun 13 APC - Brennan Imports Group 703 210-5 2,314 2,314
Jun 18 Wages Expense 704 X 2,343 2,343
Jun 22 APC - Hershel's 705 210-1 2,240 2,195 45
Jun 25 Wages Expense 706 X 2,265 2,265
Jun 30 Inventory 707 X 3,328 3,328
Jun 30 Salary Expense 708 545 5,300 5,300
Jun 30 X 572 0 0 0 11 11 0
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Total 42400
Post Reference ( 100 )
Feedback
CASH RECEIPTS JOURNAL
Date Account Post
Ref.
Debit Credit Cost of
SalesCash at
Bank
Discount
Allowed
Sales
Revenue
Accounts
Receivable
Other
Accounts

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Jun 5 ARC - Sugar-hi 110-5 2,253 2,253
Jun 13 ARC - Candy Man 110-1 2,736 304 3,040
Jun 14 Sales Revenue X 7,344 7,344 3,312
Jun 19 ARC - Candy Rush 110-6 2,700 2,700
Jun 21 Sales Revenue X 20,160 20,160 13,200
Jun 23 ARC - Mercury Square 110-3 17,907 17,907
Jun 28 Sales Revenue X 8,664 8,664 5,016
Jun 29 ARC - Central Candy 110-4 3,857 3,857
Jun 29 Sales Revenue X 5,712 5,712 3,080
Jun 30 ARC - Candy Rush 110-6 -2,700 -2,700
Jun 30 Interest Revenue 403 562 562
Total 69,195
Post reference (100)
CASH PAYMENTS JOURNAL
Date Account Cheque
No.
Post
Ref.
Debit Credit
Accounts
Payable Inventory Wages
Expense
Other
Accounts
Cash at
Bank
Discount
Received
Jun 1 Prepaid Rent 695 140 9,600 9,600
Jun 2 Office Supplies 696 130 506 506
Jun 4 Wages Payable 697 220 517 1,143 1,660
Jun 6 Electricity Payable 698 221 755 755
Jun 7 APC - Spud's Confectionery 699 210-6 3,862 3,862
Jun 8 APC - East Tangiers Cooperative 700 210-2 2,100 2,079 21
Jun 11 APC - Hershel's 701 210-1 4,416 4,416
Jun 11 Wages Expense 702 X 1,766 1,766
Jun 13 APC - Brennan Imports Group 703 210-5 2,314 2,314
Jun 18 Wages Expense 704 X 2,343 2,343
Jun 22 APC - Hershel's 705 210-1 2,240 2,195 45
Jun 25 Wages Expense 706 X 2,265 2,265
Jun 30 Inventory 707 X 3,328 3,328
Jun 30 Salary Expense 708 545 5,300 5,300
Jun 30 Bank Charges X 572 11 11
Total 42,400
Post reference (100)
(Q=803-110-4.AcctsRec4_bankRec)
SUBSIDIARY LEDGERS
Account: ARC - Central Candy
Account No. 110-4

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Date Description Ref. Debit Credit Balance
May 31 Balance 3,857 DR
Jun 29 Repayment CRJ 3,857 0
Jun 30
Jun 30
Jun 30
Feedback
There are no relevant entries in the Central Candy ledger for this week.
(Q=803-110-6.AcctsRec6_bankRec)
Account: ARC - Candy Rush
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,583 DR
Jun 19 Repayment CRJ 2,700 883 DR
Jun 26 Credit sale SJ 12,264 13,147 DR
Jun 30 Cheque Dishonoured CRJ 2700 0 15847 DR
Jun 30
Jun 30
Feedback
Account: ARC - Candy Rush
Account No. 110-6
Date Description Ref. Debit Credit Balance
May 31 Balance 3,583 DR
Jun 19 Repayment CRJ 2,700 883 DR
Jun 26 Credit sale SJ 12,264 13,147 DR
Jun 30 Dishonoured cheque CRJ 2,700 15,847 DR
(Q=804-100.CashAtBank_bankRec)
GENERAL LEDGER
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 70,440 DR
Jun 30 Total Cash Receipt CRJ 69195 0 139635 DR

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Jun 30 Total Cash Payments 0 42400 97235 DR
Jun 30
Feedback
Account: Cash at Bank
Account No. 100
Date Description Ref. Debit Credit Balance
May 31 Balance 70,440 DR
Jun 30 Total from cash receipts journal CRJ 69,195 139,635 DR
Jun 30 Total from cash payments journal CPJ 42,400 97,235 DR
(Q=804-110-0.ARControl_bankRec)
Account: ARC - Accounts Receivable Control
Account No. 110
Date Description Ref. Debit Credit Balance
May 31 Balance 27,786 DR
Jun 21 Sales return from Mercury Square GJ 1,368 26,418 DR
Jun 30
Jun 30
Jun 30
Jun 30
Feedback
There are no relevant entries in the Accounts Receivable Control ledger for this week.
(Q=804-201.InterestPayable_bankRec)
Account: Interest Payable
Account No. 225
Date Description Ref. Debit Credit Balance
May 31 Balance 210 CR
Jun 30
Jun 30
Jun 30
Feedback
There are no relevant entries in the Interest Payable ledger for this week.

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(Q=804-403.InterestRevenue_bankRec)
Account: Interest Revenue
Account No. 403
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Interest from Bank CRJ 0 562 562 CR
Jun 30
Jun 30
Feedback
Account: Interest Revenue
Account No. 403
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Interest received from the bank CRJ 562 562 CR
(Q=804-571.InterestExpense_bankRec)
Account: Interest Expense
Account No. 571
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30
Jun 30
Jun 30
Feedback
There are no relevant entries in the Interest Expense ledger for this week.
(Q=804-572.BankCharges_bankRec)
Account: Bank Charges
Account No. 572
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Transaction Fees CPJ 11 0 11 DR
Jun 30
Jun 30
Feedback

8/31/2017 Bank reconciliation
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Account: Bank Charges
Account No. 572
Date Description Ref. Debit Credit Balance
May 31 Balance 0
Jun 30 Transaction fee CPJ 11 11 DR
Manual Accounting Practice Set
iCandy, Australasian Edition 3 (VSA3q)
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