Accounting Assignment | Custom Assignment Help

Kay’s Co Ltd. recently received its bank statement for the month of February 2012 from A Town Commercial Bank. The book balance as stated in the cash account differs from the balance that appears on the bank statement. A comparison of the bank statement with the cash account revealed the following:

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i) The ledger account for Cash showed a balance at February 28 of $29,250

ii) The February bank statement showed a closing balance of $54,600.

iii) The bank statement included bank charges of $300.

iv) There was an EFT deposit of $18,000 on the bank statement for the monthly rent due from a tenant.

v) Examination of the paid cheques revealed that cheques #541 and #543 for $2,050 and $4,200, respectively, were not amongst the cancelled cheques returned with the statement.

vi) During the evening of February 28, a deposit of $38,000 was placed in the night deposit box at the bank after closing hours; this is not shown on the bank statement.

vii) Comparison of the paid cheques returned by the bank with the entries in the accounting records revealed that cheque # 532 written for $5,000 had been erroneously entered by bookkeeper of Kay’s Co Ltd as $50,000. The cheque was written to a vendor to pay off an account payable.

viii) Included with the cancelled cheques was a cheque issued by the Kay Co Ltd to B. Brown for $2,000 that was incorrectly charged to Kay Co Ltd account by the bank.

ix) Included with the February statement was a $3,600 cheque drawn by C. Dear, a customer of Kay Co. Ltd. This cheque was marked “NSF.” It had been included in the deposit of February 25 but had been charged back against the company’s account on February 28.

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(a) Prepare the journal entries that would be necessary for Kay Co Ltd at February 28, 2012.

(b) Prepare the adjusted cash book of the company at February 28, 2012.

(c) Prepare a bank reconciliation statement for Kay Co Ltd at February 28, 2012.

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