As accountant for J. Stojanovic & Son, you are required to perform a bank reconciliation at the
Question:
As accountant for J. Stojanovic & Son, you are required to perform a bank reconciliation at the end of June 2016. The bank reconciliation statement for the previous month is set out below:
Bank Reconciliation Statement as at 31 May 2016 | ||||||||
Balance as per bank statement Add: Outstanding deposit | $ | 343.64 131.45 | Cr | |||||
Less: Unpresented cheque no. 1008 | 475.09 61.60 | |||||||
Balance as per Cash at Bank account | $ | 413.49 | Dr |
Abridged cash receipts and cash payments journals before finalisation and posting are:
Cash Receipts Journal | ||||||||||||
Date | Account | Cash at Bank | ||||||||||
2016 June 2 | R. Wike | 121.66 | ||||||||||
5 | Sales Langer Ltd | 270.36 66.00 | ||||||||||
9 | C. Nunn | 341.55 | ||||||||||
12 | Sales J. Byron S. Banks | 149.82 93.55 187.78 | ||||||||||
16 | Sales | 122.26 | ||||||||||
22 | R. Ricketts Cowra Cannery Ltd | 27.50 308.00 | ||||||||||
27 | Sales R. Wike Langer Ltd | 84.89 154.00 53.40 | ||||||||||
28 | R. Ricketts — dishon. Cheque | (27.50 | ) | |||||||||
29 | Sales | 224.83 | ||||||||||
30 | Sales | 241.34 | ||||||||||
2419.44 |
Cash Payments Journal | ||||||||||||||
Date | Account | Cheque no. | Cash at Bank | |||||||||||
2016 June 2 3 5 6 9 11 13 16 17 18 20 25 26 28 30 | Stationery Royal Ltd Advertising J. Brown Ltd Wages and salaries Petty cash Riley and Sons Vehicle expenses Wages and salaries Travel — sales staff Sales commission Royal Ltd Wages and salaries Electricity expense Wages and salaries R. Banco Austral Motors Donation — Red Cross Riley and Sons Freight inwards P. Minecello | 1010 1011 1012 1013 1014 1015 1016 1017 1018 1019 1020 1021 1022 1023 1024 1025 1026 1027 1028 1029 1030 | 35.75 328.13 28.05 54.10 302.50 27.50 123.36 36.08 302.50 16.50 33.82 105.51 302.50 118.59 297.00 42.15 46.86 11.00 85.14 24.25 90.82 | |||||||||||
2412.11 |
The following is a copy of the bank statement for the month of June 2016.
Required
A. Complete the cash journals, amending or adding to them as necessary, and post the cash at bank totals to the Cash at Bank account.
B. Prepare the Cash at Bank account showing the final balance at 30 June 2016.
C. Prepare the bank reconciliation statement as at 30 June 2016.
Step by Step Answer:
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett