23 CQ313 27650 398550Cr
Question 1 (Marks:20) The following information was taken from the books of Underwood Traders for December 2019 and January 2020 Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019 Bank Reconciliation Statement of Underwood Traders as at 31* December 2019 Details Amount (R) Balance per bank statement (favourable) 405 670 Outstanding cheques: No CQ221 6 780 No CQ276 12 450 No CQ298 21 560 13 240 No CQ305 18 700 Outstanding deposit: DS205 Correction of bank error on Deposit DS200- amount overstated by Bank Balance per Bank account favourable) 2 500 367 840 Cheque counterfoils of Underwood Traders-January 2020 Date Cheque Counterfoil no. Amount (R) 3 CQ306 6 540 12 CQ307 2410 16 CQ308 12 500 17 CQ309 23 560 20 CQ310 1 470 21 CO311 3 260 22 C0312 15 320 23 CO313 27 650 26 CQ314 8 950 29 C0315 2250 103 910 Deposit slips of Underwood Traders- January 2020 Date Deposit Slip no. Amount (R) 5 DS206 8 900 12 DS207 32 400 18 DS208 17 430 20 DS209 9650 21 DS210 27 890 22 DS211 36 540 132 810 Bank Statement from Capital Bank for Underwood Traders-January 2020 Date Description Debit(R) Credit(R) 1 Balance Balance(R) 405 670 CF 1 C0276 12 450 393 220 Cr 1 18 700 411 920 Cr Deposit CQ306 3 6 540 405 380 CF 5 8 900 414 280 C 7 2 500 411 780 C Deposit Correction of error on deposit Monthly Service fees CQ307 7 1 760 410 020 C 12 2410 407 610 Cr 12 32 400 440 010 Cr Deposit Debit Order 15 3420 436 590 Cr 15 Internet bank fees 320 436 270 Cr 16 CQ308 12 500 423 770 Cr 17 CQ298 21 560 402 210 Cr 18 Deposit 15 430 417 640 C 20 CQ310 1470 416 170 Cr 20 Deposit 2 400 418 570 Cr 21 CQ311 1 260 417 310 Cr 22 Deposit 36 540 453 850 CF 426 200 CP 23 CQ313 27 650 23 4313 2/ 650 398 550 L 26 Transaction Fees 670 397 880 Cr 27 CT402 13 400 384 480 Cr 28 Interest on credit balance 1450 385 930 Cr 29 CO315 2 250 383 680 Cr 30 970 382 710 Cr 30 Debit Order- Sky Wise Debit Order-JB Properties Deposit 12 800 369 910 Cr 30 24 860 394 770 Cr Additional information: 2) 3) 1) Cheque no.CQ221 is now stale and must be cancelled. The bank has recorded cheque C0311 at the incorrect amount. The deposit corresponding with DS208 was credited on the bank statement at the correct amount of R 15 430 4) The bank statement reflects a direct deposit (R 24 860) on 30 June, this was from tenant, K. Moody for his January rent. 5) The debit order of R3 420, reflected on the bank statement, was in favour of Cellfirst who is the business's cellphone provider. 6) The direct deposit on 20 January was a dividend received from XY Capital. Cheque no CT402 was incorrectly debited to the business bank account. The debit order in favour of Sky Wise is in favour of monthly fibre costs. 9) The debit order in favour of JB Properties is for the business rent expense. 10) C0313 was incorrectly debited twice on the bank statement. 5) 7) 8) Required: Use the information given above to complete the following for January 2020: Q.1.1 (77) Record any differences identified in the bank reconciliation process in a supplementary cashbook receipts and payments with columns for details and amount. Beein with the totals before any amendments. Question 1 (Marks:20) The following information was taken from the books of Underwood Traders for December 2019 and January 2020 Items appearing on the bank reconciliation statement of Underwood Traders as at 31 December 2019 Bank Reconciliation Statement of Underwood Traders as at 31* December 2019 Details Amount (R) Balance per bank statement (favourable) 405 670 Outstanding cheques: No CQ221 6 780 No CQ276 12 450 No CQ298 21 560 13 240 No CQ305 18 700 Outstanding deposit: DS205 Correction of bank error on Deposit DS200- amount overstated by Bank Balance per Bank account favourable) 2 500 367 840 Cheque counterfoils of Underwood Traders-January 2020 Date Cheque Counterfoil no. Amount (R) 3 CQ306 6 540 12 CQ307 2410 16 CQ308 12 500 17 CQ309 23 560 20 CQ310 1 470 21 CO311 3 260 22 C0312 15 320 23 CO313 27 650 26 CQ314 8 950 29 C0315 2250 103 910 Deposit slips of Underwood Traders- January 2020 Date Deposit Slip no. Amount (R) 5 DS206 8 900 12 DS207 32 400 18 DS208 17 430 20 DS209 9650 21 DS210 27 890 22 DS211 36 540 132 810 Bank Statement from Capital Bank for Underwood Traders-January 2020 Date Description Debit(R) Credit(R) 1 Balance Balance(R) 405 670 CF 1 C0276 12 450 393 220 Cr 1 18 700 411 920 Cr Deposit CQ306 3 6 540 405 380 CF 5 8 900 414 280 C 7 2 500 411 780 C Deposit Correction of error on deposit Monthly Service fees CQ307 7 1 760 410 020 C 12 2410 407 610 Cr 12 32 400 440 010 Cr Deposit Debit Order 15 3420 436 590 Cr 15 Internet bank fees 320 436 270 Cr 16 CQ308 12 500 423 770 Cr 17 CQ298 21 560 402 210 Cr 18 Deposit 15 430 417 640 C 20 CQ310 1470 416 170 Cr 20 Deposit 2 400 418 570 Cr 21 CQ311 1 260 417 310 Cr 22 Deposit 36 540 453 850 CF 426 200 CP 23 CQ313 27 650 23 4313 2/ 650 398 550 L 26 Transaction Fees 670 397 880 Cr 27 CT402 13 400 384 480 Cr 28 Interest on credit balance 1450 385 930 Cr 29 CO315 2 250 383 680 Cr 30 970 382 710 Cr 30 Debit Order- Sky Wise Debit Order-JB Properties Deposit 12 800 369 910 Cr 30 24 860 394 770 Cr Additional information: 2) 3) 1) Cheque no.CQ221 is now stale and must be cancelled. The bank has recorded cheque C0311 at the incorrect amount. The deposit corresponding with DS208 was credited on the bank statement at the correct amount of R 15 430 4) The bank statement reflects a direct deposit (R 24 860) on 30 June, this was from tenant, K. Moody for his January rent. 5) The debit order of R3 420, reflected on the bank statement, was in favour of Cellfirst who is the business's cellphone provider. 6) The direct deposit on 20 January was a dividend received from XY Capital. Cheque no CT402 was incorrectly debited to the business bank account. The debit order in favour of Sky Wise is in favour of monthly fibre costs. 9) The debit order in favour of JB Properties is for the business rent expense. 10) C0313 was incorrectly debited twice on the bank statement. 5) 7) 8) Required: Use the information given above to complete the following for January 2020: Q.1.1 (77) Record any differences identified in the bank reconciliation process in a supplementary cashbook receipts and payments with columns for details and amount. Beein with the totals before any amendments
