You are required to:(a) Write the cash book up to date to take the above into account, and then(b) Draw up a bank reconciliation statement as on 30 June 20X7. 30.4A The bank columns in the cash book for June 20X7 and the bank statement for that monthfor D Hogan are as follows:Cash Book20X7Dr20X7Cr5 L Holmes1 Balance b/d7 J May16 T Wilson28 F Slack30 G BakerJun1,410Jun1806212 J Rebus5197516 T Silver4129 Blister Disco30 Balance c/d224225821,5912,3532,353Bank Statement20X7DrCrBalancef1 Balance b/d7 Cheque8 F Lane16 Cheque17 J Rebus18 T Silver28 Cheque29 SLM standing order30 Flynn: trader's credit30 Bank chargesJun1,4101,4721,2921,3678486218075519418072241,0319791,0431,000526443

The bank reconciliation statement can be defined as the financial statement being prepared by the…

Answered: Write the cash book up to date to take…

Write the cash book up to date to take the above into account, and then (b) Draw up a bank reconciliation statement as on 30 June 20X7.

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

You are required to:

(a) Write the cash book up to date to take the above into account, and then

(b) Draw up a bank reconciliation statement as on 30 June 20X7.

30.4A The bank columns in the cash book for June 20X7 and the bank statement for that month
for D Hogan are as follows:
Cash Book
20X7
Dr
20X7
Cr
5 L Holmes
1 Balance b/d
7 J May
16 T Wilson
28 F Slack
30 G Baker
Jun
1,410
Jun
180
62
12 J Rebus
519
75
16 T Silver
41
29 Blister Disco
30 Balance c/d
224
22
582
1,591
2,353
2,353
Bank Statement
20X7
Dr
Cr
Balance
f
1 Balance b/d
7 Cheque
8 F Lane
16 Cheque
17 J Rebus
18 T Silver
28 Cheque
29 SLM standing order
30 Flynn: trader's credit
30 Bank charges
Jun
1,410
1,472
1,292
1,367
848
62
180
75
519
41
807
224
1,031
979
1,043
1,000
52
64
43

Definition Definition Document prepared to identify any discrepancies between the passbook, which logs bank transactions, and the cash book, where a business tracks its own cash and bank transactions, so that corrective measures may be taken to reconcile the differences.

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