Professional Documents
Culture Documents
POINTERS:
BANK RECONCILIATION
DIT, FEB. OC, FEB.
DIT, JAN OUTSTANDING CHECK, JAN
+ BOOK PURE CASH RECEIPTS + BOOK PURE CASH DISB
- BANK PURE CASH RECEIPTS - BANK PURE CASH DISB
= DEPOSIT IN TRANSIT, FEB = OUTSTANDING CHECK, FEB
*PURE = REMOVE RECONCILING ITEMS KASI ANG RECEIPTS FOR THE MONTH
INCLUDES RECONCILING ITEMS
X + - BAL X + - BAL
DISHONORED A/R (MV + Protest fee + Bank A/R ((MV + Protest fee + Bank charge)
charge) CASH
CASH
LIAB FROM N/R DISC (P)
N/R DISCOUNTED (P) N/R RECEIVABLE
N/R RECEIVABLE
PLEDGE ASSIGNMENT FACTORING
At year end:
A/R – ASSIGNED BAL If customer paid 100%
– N/P BAL Cash
= EQUITY IN ASSIGNED Factor’s HB
ACCOUNTS
Recognition of loss on purchase commitment is an adaptation of the measurement at the lower of cost or NRV
Purchase 420,000
Purchases 500,000
Gain on PC 50,000
*EPL 50,000