The bank statement for Westworld reports a balance of £580 on the 31 July 20x1. Prepare astatement reconciling the bank account balance to the figure for cash in the trial balance.b. The total of individual balances on the creditors ledger as at 31 July 20X1 is £2,070. Prepare astatement reconciling the balance on the creditors ledger to the figure for trade creditors in thetrial balance.The owner of Westworld Ltd has prepared the following piece of the trial balance as at 31 July20X1 from her accounting records:Cash550Trade Creditors2,020Purchases15,245The owner does not understand why her trial balance does not balance and asks for your help.On investigation, you discover the following information:1. A payment of £20 to a supplier was correctly included in the cash book but was omitted fromthe creditors ledger.2. Cash in the trial balance agrees to the balance in the cash book. However, when the amountsin the cash book were added up a receipt of £100 from a customer was omitted.3. A cheque for £40 received from a customer has not yet cleared into the bank account.4. Bank charges of £30 for the month of July are included in the bank statement but have not yetbeen entered into the cash book.5. Trade creditors in the trial balance agrees to the figure on the creditors control account.However, a purchase of £470 was correctly recorded in the creditors ledger but was recorded as£440 in the purchases day book.

Reconciliation Statement The purpose of preparing the reconciliation statement is to tally the…

The bank statement for Westworld reports a balance of £580 on the 31 July 20X1. Prepare a statement reconciling the bank account balance to the figure for cash in the trial balance. b. The total of individual balances on the creditors ledger as at 31 July 20X1 is £2,070. Prepare a statement reconciling the balance on the creditors ledger to the figure for trade creditors in the trial balance. The owner of Westworld Ltd has prepared the following piece of the trial balance as at 31 July 20X1 from her accounting records: Cash 550 Trade Creditors 2,020 Purchases 15,245

The bank statement for Westworld reports a balance of £580 on the 31 July 20X1. Prepare a statement reconciling the bank account balance to the figure for cash in the trial balance. b. The total of individual balances on the creditors ledger as at 31 July 20X1 is £2,070. Prepare a statement reconciling the balance on the creditors ledger to the figure for trade creditors in the trial balance. The owner of Westworld Ltd has prepared the following piece of the trial balance as at 31 July 20X1 from her accounting records: Cash 550 Trade Creditors 2,020 Purchases 15,245

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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