Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are information on bank transactions of Savonn Enterprise as

image text in transcribed

A. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are information on bank transactions of Savonn Enterprise as at 31 January 2022: i. Amount of cash as shown on the bank statement and book respectively are RM33,815 and RM33,044. ii. 111. iv. V. vi. vii. viii. ix. The bank collected RM550 on a note receivable for Savonn Enterprise. The bank charged a collection fee of RM10 which was credited to Savonn Enterprise's account. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31 January, did not appear on the bank statement. An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr Gebang Kencang, was returned with the bank statement. Also returned with the bank statement is a cheque amounted RM650 from Mr Kuwat Klentong for having different authorised signature on the cheque. The bank paid correctly an amount of RM3,680 for cheque No 2808 which was recorded in a book as RM3,860. Outstanding cheque include cheques No. 1001 and No. 1002, with the amount respectively RM431 and RM1,250. Bank mistakenly cleared a cheque amounting RM2100 meant for Sabun Enterprise. Bank charges its services for the month of January 2022 amounting RM50. REQUIRED: Prepare the bank reconciliation statement for Savonn Enterprise as at 31 January 2022. (10 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Management Accounting

Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta

16th edition

978-0133058819, 9780133059748, 133058816, 133058786, 013305974X , 978-0133058789

More Books

Students also viewed these Accounting questions

Question

What is the biggest strength of the program?

Answered: 1 week ago