1. David Beckham, the owner of Football Fit Ltd has hired you to prepare a bank reconciliation statement for the month ended 31 January 2021 using the following information:

1. The final balance in the Cash at Bank account in the ledger of Football Fit Ltd (after all entries arising from the bank statement had been entered) was $15 759 Dr.
2. The balance shown by the bank statement at 31 January was $16 897 Cr.
3. Cheques issued but not presented total $1436.
4. 31 January receipts amounting to $1958 have not been deposited.
5. A $1660 deposit was incorrectly credited to the bank account of Football Fit Ltd.

REQUIRED

Prepare the bank reconciliation statement at 31 January 2021. (6 marks)

2.

On 1 October 2019, Miniso Ltd purchased a machine with a list price of $263 800. Freight costs of $5280 and installation costs of $6220 were also paid. The machine has a useful life of 5 years and a residual value at the end of its useful life of $12 000. Ignore GST.

Required

(A) Determine the amount that should be debited to the machinery account (show the calculation) and prepare a general journal entry to record the purchase. (4 marks)

(B) Determine the amount of depreciation expense for the year ending 30 June 2020 assuming use of the straight-line depreciation method. (3 marks)

(C) Prepare a journal entry to record depreciation expense for the year ending 30 June 2020 under the straight-line depreciation method. (2 marks)