Using Bank Reconcilation to Determine Cash Receipts Stolen Pala Co. records all

Question

Using Bank Reconcilation to Determine Cash Receipts Stolen Pala Co. records all cash receipts on the basis of its cesh register tapes. Pala Co. discovered during April 20Y1 that one of its seles clerks had stolen an undetermined amount of cash receipts when she took the daily deposits to the bank. The following date have been gathered for April: Cash in bank according to the company records Cesh according to the April 30, 20Y1, benk statement Outstanding checks as of April 30, 20Y1 Bank service charges for April Note receivable, including interest collected by bank in April No deposits were in transit on April 30. a. Determine the amount of cash receipts stolen by the sales clerk. $9,570 22,105 6,315 30 10,240 collected by bank in b. Daily reconciliation of the amount of cash receipts, companng the cash register tapcs to ? receipt from the bank as to ta amount doposited. like a bank reconciliation would discourage theft of the cash rocoipts, as in the cace of First Impressions Co

Explanation / Answer

Bank Reconciliation Statement for April 30 Particulars Amount Amount Balance as per Book (A) $9,570.00 Add: Outstanding Cheques $6,315.00 Note Receivable , including interest collected by bank in April $10,240.00 Total of Addition (B) $16,555.00 Total (C = A + B) $26,125.00 Less: Bank charges not taken in the books $30.00 D = Total of Deuctible $30.00 Balance as per bank Statement (C+D) $26,095.00 Less: Actual Cash Balance with Bank statement $22,105.00 Net Difference $3,990.00 Answer = Amount of cash receipt stolen by bank in April = $ 3,990

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.