Answer Posted / ramya

A company's general ledger account Cash contains a record
of the transactions (checks written, receipts from
customers, etc.) that involve its checking account. The
bank also creates a record of the company's checking
account when it processes the company's checks, deposits,
service charges, and other items. Soon after each month
ends the bank usually mails a bank statement to the
company. The bank statement lists the activity in the bank
account during the recent month as well as the balance in
the bank account.
When the company receives its bank statement, the company
should verify that the amounts on the bank statement are
consistent or compatible with the amounts in the company's
Cash account in its general ledger and vice versa. This
process of confirming the amounts is referred to as
reconciling the bank statement, bank statement
reconciliation or bank reconciliation.

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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.

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