Homework answers / question archive / Aspirations Pty Ltd is closing its books and must prepare bank reconciliation for thefollowing items: • Bank statement contains an ending balance of $300,000 on February 28, 2020, whereas the company's ledger shows an unadjusted ending balance of $260,900 • Bank statement contains a $100 service charge for operating the account • Bank statement contains interest income of $20 • Aspirations Pty Ltd issued cheques for $50,000 that have not yet been cleared by the bank • On Friday 28 February, late in the evening, Aspirations Pty Ltd deposited $20,000 in cash and cheques via a night-safe drop but this did not appear on the bank statement • A cheque for the amount of $470 issued to the office supplier was misreported in the cash payments journal as $370

Aspirations Pty Ltd is closing its books and must prepare bank reconciliation for thefollowing items: • Bank statement contains an ending balance of $300,000 on February 28, 2020, whereas the company's ledger shows an unadjusted ending balance of $260,900 • Bank statement contains a $100 service charge for operating the account • Bank statement contains interest income of $20 • Aspirations Pty Ltd issued cheques for $50,000 that have not yet been cleared by the bank • On Friday 28 February, late in the evening, Aspirations Pty Ltd deposited $20,000 in cash and cheques via a night-safe drop but this did not appear on the bank statement • A cheque for the amount of $470 issued to the office supplier was misreported in the cash payments journal as $370

Accounting

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Aspirations Pty Ltd is closing its books and must prepare bank reconciliation for thefollowing items:

• Bank statement contains an ending balance of $300,000 on February 28, 2020,

whereas the company's ledger shows an unadjusted ending balance of $260,900

• Bank statement contains a $100 service charge for operating the account

• Bank statement contains interest income of $20

• Aspirations Pty Ltd issued cheques for $50,000 that have not yet been cleared by the

bank

• On Friday 28 February, late in the evening, Aspirations Pty Ltd deposited $20,000 in

cash and cheques via a night-safe drop but this did not appear on the bank statement

• A cheque for the amount of $470 issued to the office supplier was misreported in the

cash payments journal as $370.

• A note receivable of $9,800 was collected by the bank.

• A cheque of $520 deposited by the company bounced.

Tasks

1. Calculate the final cash at bank balance in the company's ledger after examining the

information above. Show your workings.

2. Do the Bank Reconciliation Statement for the month of February