Prepare the bank account in the general ledger on 31 May 2021. BANKB5DATEDETAILSFOLAMOUNTDATEDETAILSFOLAMOUNT Interest of R480 received from the bank was not recorded in the cashbook.ou have been provided with the following information from the books of Zebra Traders:Information from the Bank Reconciliation Statements on the 30th April 2021The following entries appeared in the cashbooks of Zebra Traders and not in the May BankStatement:Balance as per bank statement (Favourable)17 200Outstanding deposits:Add: Outstanding deposits:10 April 2021R17 300 on the 17th May00s 8400 on the 31" May30 April 202100S 87Less: Outstanding cheques2001: Dated 10 October 2020Cheques not yet presented for payment:(2 220)2651: Dated 27 April 2021(4 150)2785 for R6 500 dated 12th May 20212691: Dated 10 May 2021(11330)2805 for R7 770 dated 25th June 2021Bálance as per bank account (Favourable)36 500The bank statement balance as at 31st May 2021 is R20 815 favourable.Cheque 2651 appeared on the bank statement for May 2021.The totals of the cashbooks before any adjustments:Deposit on the 30h April appeared on the May 2021 bank statement.Cheque 2001 has to be cancelled as the charity organisation that it was given to no longerCashbook receipts R8 500exists.Cashbook payments R4 500The outstanding deposit of R8 500 was in respect of cash received from an outstandingdebtor. This deposit has not appeared on the May 2021 bank statement and it has beendiscovered that this amount was recorded but it was never deposited. The owner hasauthorised that this amount be written off as a loss to the business. The owner has alsoundertaken to investigate who is responsible for this theft.A comparison of the May 2021 bank statement and the May 2021 cashbooks revealed thefollowing:Bank charges of R530 were not recorded in the cashbooks.Cheque number 2712 issued to creditor Mr. L lon, appeared correctly in the bankstatement as R5 630 but was incorrectly recorded in the Cashbook Payments asR6 530.A monthly stop order of R1 800 for insurance needs to be recorded in thecashbook.A dishonoured cheque for R2 355 appeared on the bank statement. This chequewas received from Miss H Yena, a debtor in settlement of her account of R2 400.

General ledger transactions are a summary of journal entries to sub-ledger accounts. It encompasses…

Answered: Prepare the bank account in the general…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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The following information of Mimosa General Dealers for July 2021 has been provided to you: • The debit balance per the bank account at 31 July 2021 was R6 250. • Bank charges of R130 appeared on the bank statement. • A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. • The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. • A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. • The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. • An insurance premium direct debit of R300 appeared on the bank…
The following information of Mimosa General Dealers for July 2021 has been provided to you: •The debit balance per the bank account at 31 July 2021 was R6 250. •Bank charges of R130 appeared on the bank statement. •A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. •The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. •A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. •The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. •An insurance premium direct debit of R300 appeared on the bank statement in July. Upon enquiring with the bank it was determined that the premium should have been…
The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019 A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4 Cheque number CHQ116 still did not appear on the bank statement for June 2019. The cheque was originally written out to Gift for the Needy as a donation on 20 November 2018. 2.5 The correction of the incorrect cheque for R570 refers to a cheque that was incorrectly debited twice by the bank. This error has not been…
A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June:  Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally written out to Gift for theNeedy as a donation on 20 November 2018.2.5 The correction of the incorrect cheque for R570 refers to a chequethat was incorrectly debited twice by the bank. This error has notbeen rectified by the bank.2.6 The bookkeeper is in possession of two cheques that she has notentered as she is unsure of what to do: CHQ 141 for R5 400 issued to Gilford’s Furnisher’s dated 15July…
The following information was taken from the books of Zia Traders on 30 June 2019: The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Oustanding cheques: CHQ116 1430 CH135 2780 Correction of incorrect cheque (see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank…
The following information was taken from the books of Zia Traders on 30 June2019: 1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques: CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June:  Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally…
The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items appearing on the bank reconciliation statement of Zia Traders as at 31 May 2019. Details Amount (R) Balance as per bank statement (unfavourable) 25400 Oustanding deposit 5700 Outstanding cheques: CHQ116 1430 CHQ135 2780 Correction of incorrect cheque(see note 2.5 below) 570 Balance as per bank account ? A comparison of the cashbooks for June, the above bank reconciliation statement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June: -Cashbook Receipts R 113 200 -Cashbook Payments R 96 000 2.2 The outstanding deposit at the end of May for R5 700 appeared on the bank statement on 5 June 2019. 2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bank statement amount was correct. 2.4…
The following information has been extracted from the accounting records a bank statement of ABCJM Ltd as at 31 January 2019: Closing Balance shown on the Bank Statement Cash Receipts of 31 January which deposited on 30 January did not appear on the bank statement Cheques recorded in the cash payments but not yet presented For payment to the Bank Prepare a bank reconciliation statement as at 31 January. $11 450 CR 5,500 3 550
The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…
The following information was taken from the books of Underwood Traders for December 2019and January 2020:Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019Bank Reconciliation Statement of Underwood Traders as at 31st December 2019Details Amount (R) Balance per bank statement (favourable) 405 670Outstanding cheques: No CQ221 6 780No CQ276 12 450No CQ298 21 560No CQ305 13 240 Outstanding deposit: DS205 18 700Correction of bank error on Deposit DS200‐ amount overstated by Bank 2 500Balance per Bank account( favourable) 367 840Cheque counterfoils of Underwood Traders‐ January 2020Date Cheque Counterfoil no. Amount (R)3 CQ306 6 54012 CQ307 2 41016 CQ308 12 50017 CQ309 23 56020 CQ310 1 47021 CQ311 3 26022 CQ312 15 32023 CQ313 27 65026 CQ314 8 95029 CQ315 2 250103 91020 2020Deposit slips of Underwood Traders‐ January 2020Date Deposit Slip no. Amount (R)5 DS206 8 90012 DS207 32 40018 DS208 17 43020 DS209 9 65021 DS210 27 89022 DS211 36 540132…
Read and understand the transaction. Prepare a Bank Reconciliation Statement using the following methods: a. Adjusted Method b. Book-to-bank Method c. Bank-to-book Method Use the space provided for each method for you answer. Moonlight Company maintains cash in ODB Bank. The following information was made available for the month of October 2021: • The bank statement at the of the month shows P10,000. • Deposits not yet reflected in the bank statement, P84,000. • Checks issued but not yet encashed by the payees, P65,000. The bank made an error of debiting the account of Moonlight Company, which was actually a debit for Crescent Company, P4,000. • The ledger shows a cash-in-bank balance of P12,000. Notes receivable collected by the bank for Moonlight Company amounted to P16,000. • Interest earned by Moonlight Company from keeping their cash at ODB Bank is P5,000. • ODB Bank charged Moonlight Company P1,000 service charges directly debited to their account as seen in the bank statement. •…
Use the following information that was drawn from the books of Ralesego as on 31December 2020 to draw the bank reconciliation statement. Details Amount ‘Pulas’Cash at bank as per cashbook bankcolumn 2,910Unpresented Cheques 730 Bank lodgments 560Credit transfers appearing in the bank 340statement but not entered in the cashbookCash balance as per bank statement 3,420

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