Reference no: EM132623021
Question - At 31 December 2015, the bank column of K & K enterprises' cash book showed a debit balance of Rs.325000, which did not agree with the balance shown as per bank statement. After comparing cash book with bank statement, it was found that:
1. Cheques paid in but not yet credited by the bank amounted to Rs.50000
2. Cheques drawn but not yet presented to the bank amounted to Rs. 30000.
3. Bank charges of Rs.500 appeared in the bank statement but had not been recorded by K & K enterprises.
4. A cheque for Rs.2,400 in payment for some motor repairs had been mistakenly entered on the debit side of the cash book.
5. A cheque amounting Rs. 30000, which was belong to another customer, was wrongly credited to K & K enterprises' account by the bank.
6. The debit side of the cash book's bank column was over-casted by Rs. 10000.
Required -
Q1) Calculate the revised closing balance of bank column of the cash book after making required adjustments in the cash book.
Q2) Prepare bank reconciliation statement.
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