Bank Reconciliation

As at the 30 June 2024 Bean Sprout was showing a cash balance in the general ledger of $6 230.00 DR.

The latest bank statement dated 30 June 2024 showed a balance of $5 497.30 Cr.

The following items appear on the June bank statement but not in the cash journals for the same month:

1) $1 420 cheque was returned marked dishonoured. The cheque had been received from a customer D Dog.

2) Account fees of $180

3) Interest was received in the amount of $162.

The following items appear in the cash journals but not on the bank statement:

1) A deposit placed inside the banks night safe on the 30 June in the amount of $1 460.80.

2) Bean issued a cheque to Wind Farmers (Account Payable) for $516, but incorrectly recorded and posted the amount as $432.

3) Cheque 220 for $420, cheque 226 for $1020 and cheque 227 for $810.10.

Required: This question has three Parts: Part (a), Part (b), and Part (c). Anwer ALL Parts below:

Part (a) Prepare and balance the general ledger Cash at Bank account. (5 marks)

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Enter your answer into the T Account Template below:

General Ledger T-Account Cash at Bank

Date	Details	Debit	Date	Details	Credit

Question 5

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Marked out of 7.00

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Bank Reconciliations

Part (b) Prepare the bank reconciliation statement as at 30 June 2024. Enter your answer into the Table below: 7 Marks

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Question 6

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Marked out of 2.00

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Bank Reconciliations

Part (c) Give two reasons why, even in an age of electronic payments, a bank reconciliation may still be necessary. (2 marks)