On 31st December 2010 the cashbook of XYZ Ltd showed a balance of Ksh.19,000 upon scrutiny with the provided bank statement the following were detected.
(i) Cheques written and mailed but not yet recorded by bank – KSh.10,000.
(ii) Deposits made but not recorded by bank – KSh.1150.
(iii) XYZ had recorded a cheque received for Ksh.11,700 as Ksh.17100.
(iv) Bank service charges for KSh.180 are not yet recorded in the company books.
(v) One of XYZ’s customers cheque for KSh.2,200 was returned by the bank written “insufficient fund”. The bank treated this bad cheque as a disbursement.
(vi) A cheque for ZY Ltd of Ksh.1752 accompanied the bank statement of XYZ but had been incorrectly deposited in XYZ Ltd account.
Required:
Prepare an updated cash book and a bank reconciliation statement. [15 marks]
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