Question
4. Scallion Ltd received the June 2020 bank statement from First State Bank, as shown below: Scallion Ltd STATEMENT OF ACCOUNT-FIRST STATE BANK DateParticularsDebitCreditBalance $$$
4. Scallion Ltd received the June 2020 bank statement from First State Bank, as shown below:
Scallion Ltd
STATEMENT OF ACCOUNT-FIRST STATE BANK
DateParticularsDebitCreditBalance
$$$
1JunBalance brought forward71,135 CR
2JunDeposit2,00073,135 CR
2JunCheque9655072,585 CR
4JunCheque 9833,00039,585 CR
5JunDeposit60,00099,585 CR
6JunCheque 9914,10685,479 CR
7JunEFT-Collection of Rent2,00087,479 CR
8JunCheque100 79286,687 CR
8JunDeposit10,00096,687 CR
9JunInterest on account50097,187 CR
9JunCheque101 17,82079,367 CR
17 JunCheque 1043,449.6075,917.40 CR
17 JunBank Charges11075,807.40 CR
17 JunCheque10315,00060,807.40CR
17 JunDeposit11,66072,467.40CR
18 JunDeposit4,85077,317.40CR
19 JunCheque1052,65074,667.40CR
21 JunCheque10621,78052,887.40CR
30 JunDeposit2,14555,032.40CR
30 JunCheque11033054,702.40CR
30 JunBank Charges15054,552.40CR
The previous bank reconciliation performed at 31 May 2020 is provided below:
Bank Statement Balance 31 May 2020$71,135CR
Plus : Outstanding Deposits2,000
Less;
Unpresented Cheques;
96$ 550
971,8002,350
Balance per Cash at Bank Account70,785
Further Information:
*EFT stands for Electronic Funds Transfer. Scallion Ltd does not have any rental properties. For any differences between the records of the bank and the entity, assume the business records are correct.
a.Using the information provided, prepare the Cash at Bank account at 30 June 2020 using a "T" account (any required adjustments as a result of the bank reconciliation, should be made through the cash journals).
b.Prepare the Bank Reconciliation Statement for Scallion Ltd at
30June 2020.
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