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QUESTION 2 (25marks)
A. The bank column of the Cash Book reported a balance of £11,480 as at 31st January 2009. On comparing the entries with those in the bank statements the following have been identified:
a) £75 paid for electricity by direct debit and £30 taken by the bank as bank charges have not been recorded in the Cash Book.
b) Cheques drawn to a total amount of £4,750, in the name of suppliers, were not presented to the bank until after this date.
c) A cheque drawn for £23,500, in payment of a supplier, Zinith Ltd, has been entered in the Cash Book as £32,500.
d) Bank lodgements amounting to £3,945, did not clear until after this date.Required:
i) Identify the adjusted bank balance in the business records as at 31st January 2009. (8 marks)
ii) Prepare a bank reconciliation statement as at that date. (5 marks)You could have done this yourself in the time it took you to type it all out! “I am busy …. it is for a friend”
Come on! Those are such lame excuses!
Tell the truth and, maybe, I’ll have a look at it for you. Maybe 🙂
What is the bank statement balance with which to dovthe reconciliations with?
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