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Assignment: Financial Accounting (Doc)

   

Added on  2021-06-07

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Financial AccountingA2: Bank Reconciliation Statement for An Binh Ltd.Lecture’s name: Nguyen Thi Tuong TamStudent’s name: Huynh Quang LongStudent’s ID: B180049Class: B1902. Number of pages: 19 pages1

ContentsINTRODUCTION:....................................................................................................................3LO3 Perform bank reconciliations to ensure company and bank records are correct:..............41.Concepts of Bank Reconciliation Statement:......................................................................42.Necessity of Bank Reconciliation Statement:.....................................................................43.Steps of prearing Bank Reconciliation Statement :.............................................................44. Bank Reconciliation Statement format:.............................................................................55. Source document:...............................................................................................................51.Compare the records in both the Bank statements and the Cash Book (bank column only). Identify factors that have caused a variation in the balances :................................72.Prepare the bank reconciliation statement:.....................................................................9LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts.................................................................................................................101.Concepts of errors in accounting:.....................................................................................102.Types of errors in accounting:...........................................................................................103.Concepts of suspens accounting:......................................................................................114. Source document:.............................................................................................................121.Re-prepare the extracted trial balance above accurately with the given information. The only amended amount is the suspense's one:............................................................132. Show the journal entries to correct the errors:.............................................................143. Drawn up the suspense account for the difference between the trial balance totals and show the correction to be made. Narratives are not required:..........................................164. Draw up a statement showing the adjusted net profit after correcting the above errors;assumed that net profit had previously been calculated at £1,200 for the semi-annum period ended on 30 June 20X9. Determine which errors have influenced to profit( impact to sales and expenses)...............................................................................16CONCLUSION:.......................................................................................................................18Bibliography.............................................................................................................................192

INTRODUCTION:BANKING RECRUITMENT REPORT is written to explain thedifference between the bank balance stated in the bank statement and the balance in cash book bank (bank - column) ona specific date. It is a statement explaining how the bank statements can be made to agree with the company's ledger. And this article will clarify this issue through the example of the Bank Reconciliation Statement for An Binh Ltd.3

LO3 Perform bank reconciliations to ensure company and bank records are correct:1.Concepts of Bank Reconciliation Statement:Abank reconciliationis the process of matching the balances in an entity's accounting records for a cash account to the corresponding information on abank statement. The goal of thisprocess is to ascertain the differences between the two, and to book changes to the accounting records as appropriate.[ CITATION acc18 \l 4105 ]2.Necessity of Bank Reconciliation Statement:Bank reconciliation statement ensures the accuracy of the balances shown by the passbook and cash book. The bank reconciliation statement provides a check on the accuracy of entries made in both the books. The bank reconciliation statement indicates any undue delay in the collection and clearance of some cheques. The bank reconciliation statement helps to detect and rectify any errors committed in both the books. Bank reconciliation statement helps to update the cash book by discovering some entries not yet recorded.[ CITATION gra20 \l4105 ]3.Steps of prearing Bank Reconciliation Statement :There are a total of 2 steps:1.Compare the records in both the Bank statements/Pass Book and the Cash Book (bank column only). Identify factors that have caused a variation in the balances:4

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