b) The Balance Sheet as at 31" March 201Оuestion twoThe cash book column of Wekesa showed a credit balance of Sh.1,040,350 while thebank statement balance showed an overdraft of Sh.1,398,000 on 31 July 2019. Adetailed comparison of entries revealed the following,Cheques paid to the following creditors were not presented for payment at thebank Mumbi Sh.195,400, Yash Sh.32,500, Sidhm Sh 164 300On 31s July 2019, the sales made were Sh.1,053,700 and were deposited in thei)evening. However, the sales were not recorded by the bank until the followingday.ii)The bank paid an insurance premium of Sh.75,300 because of a standing orderarranged by WekesaThe bank deducted Sh.45,550 bank charges which were not yet recorded in theiv)cash bookInterest received on a fixed deposit Sh.160,000 had not yet been recorded bythe business.v)vi)The bank had received on behalf of Wekesa, a credit transfers of Sh.246,700from Obirivii)A cheque for Sh.135,500 which was paid by the bank was entered in the cashbook as Sh.153,500Required:a) Adjusted cash bookb) Bank reconciliation statement as at 31 July 2019

Оиestion two The cash book column of Wekesa showed a credit balance of Sh.1,040,350 while the bank statement balance showed an overdraft of Sh.1,398,000 on 31st July 2019. A detailed comparison of entries revealed the following; i) Cheques paid to the following creditors were not presented for payment at the bank, Mumbi Sh 195,400, Yash Sh 32,500, Sidhu Sh 164,300 On 31st July 2019, the sales made were Sh.1,053,700 and were deposited in the ii) evening. However, the sales were not recorded by the bank until the following day. i) The bank paid an insurance premium of Sh.75,300 because of a standing order arranged by Wekesa The bank deducted Sh.45,550 bank charges which were not yet recorded in the iv) cash book v) Interest received on a fixed deposit Sh.160,000 had not yet been recorded by the business. vi) The bank had received on behalf of Wekesa, a credit transfers of Sh.246,700 from Obiri vii) A cheque for Sh.135,500 which was paid by the bank was entered in the cash book as Sh.153,500 Required: a) Adjusted cash book b) Bank reconciliation statement as at 31 July 2019

Оиestion two The cash book column of Wekesa showed a credit balance of Sh.1,040,350 while the bank statement balance showed an overdraft of Sh.1,398,000 on 31st July 2019. A detailed comparison of entries revealed the following; i) Cheques paid to the following creditors were not presented for payment at the bank, Mumbi Sh 195,400, Yash Sh 32,500, Sidhu Sh 164,300 On 31st July 2019, the sales made were Sh.1,053,700 and were deposited in the ii) evening. However, the sales were not recorded by the bank until the following day. i) The bank paid an insurance premium of Sh.75,300 because of a standing order arranged by Wekesa The bank deducted Sh.45,550 bank charges which were not yet recorded in the iv) cash book v) Interest received on a fixed deposit Sh.160,000 had not yet been recorded by the business. vi) The bank had received on behalf of Wekesa, a credit transfers of Sh.246,700 from Obiri vii) A cheque for Sh.135,500 which was paid by the bank was entered in the cash book as Sh.153,500 Required: a) Adjusted cash book b) Bank reconciliation statement as at 31 July 2019

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the information taken from BM traders to complete the following: 1. the cash book receipts and cash book payments for july 2019
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