a) prepare the genral journal entries necessary to update the Bank account in the general ledger for Nov 2017\b) prepare the bank reconcilation as at 30 Nov 2017 Question 2:Laura is the owner of Floral Limited, a boutique florist shop. She was given advice by heraccountant friend Ken regarding good internal controls for cash. He suggested one way thatshe can ensure that her cash is accurate and up to date is to prepare a bank reconciliation at theend of each month. Laura would like you to help her. She asks you to prepare a bankreconciliation for November 2017 using the following information.General Ledger - Floral LimitedBankDateExplanationRef.DebitCreditBalance($)Debit (Dr) /Credit (Cr)($)2017November1Balance5,314 Dr1Deposit1,5006,814 Dr3Cheque #8001,2505,564 DrCheque #8011905,374 Dr8.Cheque #8021125,262 DrDeposit2,1007,362 Dr13Cheque #8038256,537 Dr20Deposit3106,847 Dr28Cheque #8045946,253 Dr28Deposit2206,473 Dr Bank of KiwiBank Statement - Floral Limited30 November 2017BalanceCheques andDebit (Dr) /DateWithdrawlsDeposits($)Credit (Cr)2017Explanation($)($)Oct 31Balance6,512 CrNov 1Deposit1,5008,012 CrCheque #800Cheque #801Cheque #8026.1,2506,762 Cr61906,572 Cr81126,460 Cr9Deposit2,1008,560 Cr10NSF Cheque2008,360 Cr10NSF Fee708,290 CrCheque #803Deposit148527,438 Cr202507,688 Cr23EFT – Energise1707,518 Cr28Cheque #7997226,796 Cr30Bank charges266,770 CrAdditional information:1.On October 31, there were two outstanding cheques: #795 for $476 and #799 for$722.2.Bank of Kiwi made a posting error to the bank statement: check #803 was issuedfor $825, not $852.3. The deposit made on November 20th was for $250 that Laura received forteaching a floral arrangement class. Laura made an error in recording thistransaction as a deposit for $310 in the General Ledger.4. The electronic funds transfer (EFT) was for Laura's utilities expense.5. The NSF cheque fund reversal in November 2017 related to David Wilson.Laura received the cheque for $200 and deposited it in October 2017 for a floralbouquet that was sold to David. Laura contacted David, and he assured her thatshe will receive a replacement cheque in the mail in December 2017 for theoutstanding amount of the invoice and the NSF bank charge.

Bank reconciliation statement is prepared to reconcile cash balance as per cashbook and bank balance…

Answered: a) prepare the genral journal entries…

a) prepare the genral journal entries necessary to update the Bank account in the general ledger for Nov 2017\ b) prepare the bank reconcilation as at 30 Nov 2017

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section5.2: Bank Reconciliation

Problem 1WT

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