The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates between the bank account balance of the cash the difference book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book.
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates between the bank account balance of the cash the difference book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you assist me with the necessary adjustments to be recorded please
Transcribed Image Text:9:54 B 94 •
O ¥ a 49%
+
гесогаed in tne casn DOOK.
iii. A $36,90o deposit made to the bank
on November 30, 2010, did not
appear on the bank statement.
iv. A cheque for $67,000 which was paid
to a creditor was incorrectly recorded
in the cash book as $76,00o.
Bank charges of $2,400 appeared on
V.
the bank statement only.
vi. The direct transfer of $10,000 from
Fidel's bank to the bank of the
supplier was not recorded in the cash
book.
vii. Cheques amounting to $41,000 that
were paid to suppliers and creditors
did not appear on the bank statement.
viii.
A deposit of $25,000 made by
Federal Trading appeared on the bank
statement of Fidel Trading.
ix. The bank account in the cash book of
Fidel Trading reflected an overdraft of
$12,800 on November 30, 2010.
II
Transcribed Image Text:9:54 2 * O •
@ X G 49%.
The accountant at Fidel Trading has received
the November 2010 bank statement. She
immediately investigates the difference
between the bank account balance of the cash
book and the balance of the bank statement.
The accountant has found the following
discrepancies:
i. A cheque for $3,000 received from a
debtor was deposited at the bank but
no journal entry was made to record
the transaction in the cash book.
ii. The repayment of a mortgage is made
on behalf of the business by the bank
on the authority of a standing order.
The payment of $18,000 for the
month of November 201o was not
recorded in the cash book.
iii. A $36,900 deposit made to the bank
on November 30, 2010, did not
appear on the bank statement.
iv. A cheque for $67,000 which was paid
to a creditor was incorrectly recorded
in the cash book as $76,00o.
v. Bank charges of $2,400 appeared on
the bank statement only.
II
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