6. During March 2014, Intricate Carpets Bhd. had the following cash transactions:2014March 1 Received cash from Ahmad DaudPaid insurance, cheque no. 307Cash sales3Paid advertising, cheque no. 3085 Antartik Industries paid a chequePaid P. Param cheque no. 309.8 Received cheque from Atlantic City10 Paid office supplies, cheque 31015 Purchased goods for cash, cheque 311Received cheque from Xynox Trading201422 Paid Rubbers Sdn. Bhd. choque 312.24 Paid office machinery, cheque 313.Received cheque from Perfumes Bhd.Paid for renovation of building, cheque no. 31427 Paid Binders Bhd., cheque no. 315-Received cheque from Watches Bhd.29 Paid Plastics Sdn. Bhd. cheque 316)31 Paid Fabrics Malaysia cheque 317Cash salesDato2014March 1 Balance b/f2 Deposit4 Deposit9 DepositDetailsCheque No. 307Cheque No. 308All monies received were banked daily and all payments were made by cheques. On 3 April 2014the following bank statement was received from the bank.Bank Statement10 Deposit15 Cheque No. 310.18 Cheque No. 311.21 Deposit27 Cheque No. 31328 Deposit31 Cheque No. 315DebitRM14,5009,82010,1155,51010,2759,81512,368690CreditRM11,00024.10022,4657,29333,69132,918RM11,00014,50024,1009,82022,46512,3687,29310,1155,51033,691(continued)15,467RM42,00510,27532,91812,0509,81515,46738,21914,38119,901BalanceRMDepositCheque No. 309Bank chargeOn 1 March 2014, the cash at bank account showed a debit balance of RM300,303.300,303 Cri311,303 Cr335,403 Cr357,868 Cr343,368 Cr333,548 Cr340,841 Cr330,726 Cr325,216 Cr358,907 Cr348,Cr381,550 Cr371.735 Cr387,202 Cr374,834 Cr374.144 CrRequired:a. Enter the above transactions in the cash journals and show the totals on 31 March 2014.b. The cash at bank account as on 31 March 2014.c. The bank reconciliation statement as at 31 March 2014.

On 1 March 2014, the cash at bank account showed a debit balance of RM300,303. Required: a. Enter the above transactions in the cash journals and show the totals on 31 March 2014. b. The cash at bank account as on 31 March 2014. c. The bank reconciliation statement as at 31 March 2014.

On 1 March 2014, the cash at bank account showed a debit balance of RM300,303. Required: a. Enter the above transactions in the cash journals and show the totals on 31 March 2014. b. The cash at bank account as on 31 March 2014. c. The bank reconciliation statement as at 31 March 2014.

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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The following data were accumulated for use in reconciling the bank account of Zek’sCo. for May 2016:1. Cash balance according to the company’s records at May 31, 2016, $22,110.2. Cash balance according to the bank statement at May 31, 2016, $29,650.3. Checks outstanding, $13,875.4. Deposit in transit, not recorded by bank, $6,770.5. A check for $50 in payment of an account was erroneously recorded in the checkregister as $500.6. Bank debit memo for service charges, $15.a. Prepare a bank reconciliation, using the format shown in Exhibit 13.b. If the balance sheet were prepared for Zek’s Co. on May 31, 2016, what amount shouldbe reported for cash?c. Must a bank reconciliation always balance (reconcile)?
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