5 The following is the bank reconciliation statement of Joseph Ltd as at 31 December 2020: 7 8 9 10 11 Joseph Ltd Bank Reconciliation Statement as at 31 December 2020 $10,238.29 Cr Balance as per bank statement Add: Deposit not credited 12 14 13 14 19 15 16 17 $ 2,670.00 $ 1,251.12 $ 3.921.12 $14,159.41 Cheque no. 8799 $ 3,239.87 8808 $ 1,800.65 8812 $ 568.90 $ 5,609.42 Less: Cheques not presented 18 19 20 21 Cash at Bank balance $ 8,549.99 Dr 22 23 24 25 26 27 28 29 30 The date and the amount of each deposit received and recorded in the cash receipts journal during January 2021 were as follows: Date Amount 2-Jan $ 3,825.00 8-Jan 2,369.38 15-Jan 3,947.56 18-Jan 1,237.90 30-Jan 2,200.00 31-Jan 1,500.00 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 The following are the cheques written during the month of January 2021: Cheque No. Amount 8820 $ 200.00 8821 6 1,760.10 8822 6000 2.521.00 8823 50.32 8824 1,963.90 8825 200.20 8826 1,860.00 8827 796.38 8828 3,652.78 50 51 52 35 53 54 55 56 57 58 59 60 ch 61 62 62 63 64 65 66 Joseph Ltd's bank statement for the month ending 31 January 2021 is as follows: Date Particulars Debits Credits Balance 1-Jan Balance $10,238.29 Cr 2-Jan 1,251.12 11,489.41 Cr 3-Jan 2,670.00 14,159.41 Cr 4-Jan 8799 3.239.87 10,919.54 Cr 5-Jan Interest on fixed deposit 500.00 11,419.54 Cr GIRO (direct transfer) - 6-Jan Singapore Power 836.95 10,582.59 Cr 9-Jan 3,825.00 14,407.59 Cr 10-Jan Returned cheque (Pokkai Ltd) 3,825.00 10,582.59 Cr 11-Jan 8822 2,521.00 8,061.59 Cr 12-Jan 12 Jan 2,639.38 10,700.97 Cr 15-Jan 8826 1,860.00 8,840.97 Cr 16-Jan 3,947.56 12,788.53 Cr 2.100.00 18-Jan 8821 1,760.10 11,028.43 Cr lan 20-Jan 8812 568.90 10,459.53 Cr 22-Jan 1,237.90 11,697.43 Cr 25-Jan 8828 3,652.78 8,044.65 Cr 28-Jan 8824 1,936.90 6,107.75 Cr 31-Jan Account fees 120.00 5,987.75 Cr Notes: 1) The accounts assistant recorded the cheque received on 8 January 2021 incorrectly as $2.369.38 instead of $2,639.38. 31-Jan Account fees 120.00 5,987.75 Cr 62 63 64 65 Notes: 1) The accounts assistant recorded the cheque received on 8 January 2021 incorrectly as $2,369.38 instead of $2,639.38. 66 67 68 69 2) There was an error in the amount recorded for cheque number 8824 made by the bank in the bank statement. 70 71 72 Required (a) Complete, where necessary, the cash receipts journal and cash payments journal with the totals shown. (b) Show the Cash at Bank account ledger (T-account form) with the correct balance on 31 Dec 2020 and post the totals of the cash journals. Balance the account at 31 January 2021. (c) Prepare a bank reconciliation statement as at 31 January 2021. 73 74 75 76 77 78 Solutions: 79 (a) Cash Journals: 80 Cash Receipts Journal 81 Date Particulars Cash at Bank 82 83 84 85 86 87 Cash Payment Journal Date Particulars Cash at Bank 88 89 90 91 92 93 94 95 (b) Cash at Bank 96 97 98 99 100 101 Joseph Ltd Bank Reconciliation Statement as at 31 January 2021 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 120