As the accountant for Collins & Hunt Pty Ltd, you are required to perform a bank reconciliation at the end of March 2020. The bank reconciliation statement for the previous month is set out below: $ 839.204 Drele $ 1) Bank reconciliation statement on 29 February 2020 Balance as per bank statement Add: Cheques not debited by bank: No. 193 60.00 253 e 248.20 257 417.40 261 719.20 Bank error deposit to incorrect 300.00 account 1744.80 Less: Outstanding deposit- Balance as per Cash at Bank account 2584.004 e 2100.00 $484.00- Crele 2) The progressive totals of the Cash Receipts Journal is $21 546 and the Cash Payments Journal is $24 108 for the month of March 2020, before taking into account any of the items appearing on the bank statement. 3) The following items appear on the March bank statement but not in the cash journals for the same month: a) Unpresented cheques from February 2020 now appearing on the March statement were: cheque no.193, $60; cheque no.253, $248.20; and cheque no.257, $417.40.- b) A deposit for cash sales on 31 January 2020 of $2,100 and a debit of $300 to correct the error from January 2020. c) The bank had collected the March rent of $420 from a tenant who leases space in Collins & Hunt Pty Ltd.'s warehouse. d) On 28 March a $294 cheque received from a customer was dishonoured and returned by the bank marked "Insufficient Funds". This was shown in the March bank statement. e) On 14 March 2020, NRMA had charged the company's bank account for insurance premiums, for the amount of $350. f) The bank statement also included a debit of $30 for a Cheque book and $48 for interest on overdraft. 4) The following items appear in the cash Journals but not on the bank statement: L a) Cheques written during March that had not been presented for payment were: cheque no.288, for $632; cheque no.289, for $1,000; and cheque no.293, for $342.4 b) Cash Sales of $1,720 on 31 March were deposited in the bank but not included in the bank statement. 5) Additional information: a) On 31 March 2020 the bank statement showed a debit balance of $2342.80. b) The accountant discovered that cheque no.290 for $315 in payment of the electricity and gas bill, had been incorrectly recorded in the cash payments journal as $375. c) Bank errors include the following: i. Cheque no. 285 for $228 appears twice on the bank statement. ii. Cheque no. 296 was entered correctly as $360 in the cash payment journal but appeared in the bank statement as $560. ii. A deposit of $400 by Collins to his personal bank account also held at the Commonwealth Bank. Required: a) Prepare bank reconciliation for Collins & Hunt Pty Ltd as of 31 March 2020. b) Prepare the Cash at Bank Ledger Account as at 31 March 2020. c) In your own words explain how the preparation of the bank reconciliations assists the internal control of cash for Collins & Hunt Pty. Ltd. ttttttt L Collins & Hunt Pty Ltd Bank Reconciliation Statement as at 31 March 2020 Balance as per bank statement Dre! $2 342.80-le e da de de 4 4 Je da de be Cash at Bank 2020 2020 Feb 28 Balance $4846 e e