Grangeway Products is one of your suppliers. Their account in your ledger is as follows:

Grangeway Products Account 20-9

£

20-9

£

2 May Bank 428.00 1 May Balance b/d 450.00 2 May Discount received 22.00 6 May Purchases 275.00 14 May Purchase returns 35.00 18 May Purchases 199.00 28 May Bank 263.00 28 May Discount received 12.00 29 May Purchase returns 44.00 31 May Balance c/d 120.00 924.00 924.00 1 Jun Balance b/d 120.00 On 2 June the following statement of account is received from Grangeway Products:
Statement ofAccount Debit Credit Balance 20-9 £
£
£
1 May Balance 450.00 4 May Bank 428.00 22.00 4 May Sales 275.00 297.00 16 May Returns 35.00 262.00 17 May Sales 199.00 461.00 28 May Sales 257.00 718.00 You are required to prepare a reconciliation statement, starting with the balance in your books of £120.00, to explain the difference between the balance in your ledger and the closing balance on the statement of account.