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Please solve this questions RAM Company maintains its checking account with the Commerce Bank. The company is ready to prepare its December 31 bank reconciliation. The following data are available: The November 30 bank reconciliation showed the following: Cash on hand (held by RAM company for day to day minor expenses), Br. 400 (included in RAM’s cash account) Deposit in transit, Br. 2,000, and Checks outstanding: N0. 121 Br. 1,000 No. 130 2,000 No. 142 3,000 Bank Statement, December 31: Balance, December 31 Br. 67,600 Deposits: 188,500 Checks: No. 130, Br. 2,000; N0. 142, Br. 3,000; N0. 143 - 176, Br. 191,000 (196,000) Note collected for RAM company (including Br. 720 interest) 16,720 NSF check, customer Binda (250) Bank service charges (20) Balance, December 31 Br. 76,550 Required: i) Determine deposit in transit and checks outstanding ii) Prepare the December 31 Bank reconciliation iii) Based on your bank reconciliation, give all journal entries that should be made at December 31.
The result is not equal ! The depositor amount is 21537.2 the result of the correct cash balance per bank and correct cash balance per depositor is not equal.
The question says the balance in depositors record is 21,537.20 how come did u say the balance is 21,540 when your doing the reconciliation I really didn't get it?