Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.

The Scenario On account of interruptions due to pandemic, year 2020 was not so good for accounting firms too. There were frequent disturbances in procuring the accounting information from the clients, especially from the small and medium business firms owing to multiple issues such as restricted physical movement of personnel on account of lock-down and lack of internet connections for free movement of documents. Some of the accounting snapshots gathered by the firm from various clients at a later stage left without providing appropriate treatments. Transactions on BRS: 1. The overdraft (negative) balance as per pass book OMR 100,000 2. A cheque of OMR 13,000 was deposited, but not collected by the bank 3. Interest on overdraft OMR 5,000 4. Bank charges of OMR 500 were recorded in the pass book 5. Wrong credit entered by the bank OMR 4,000 6. Bank charges debited by the bank OMR 1,000 7. Cheque of OMR 3,000 and OMR 5,000 issued as but not yet cleared 8. Dividends received OMR 5,000 recorded only in the bank statements and not in cash book 9. An insurance premium paid by bank OMR 2,000. It is not yet recorded in cash book 10. Cheque received by the company and presented to the bank returned with NSF OMR 5,000 11. An outgoing cheque of OMR 2,000 recorded twice in the cash book, but properly entered in pass book 12. A cheque given to the supplier by the company returned with the remarks NSF OMR 3,000 Items on suspense accounts: 1. An unknown cash receipt of OMR 4,250 found in the cash book. After a thorough scrutiny it is traced that the money is received from an investment made in Federick Company's shares. 2. There was a bill to be paid to the tune of OMR 8,500 urgently. However, while making the payment, the accounts department could not record the party to whom payment is made. While auditing the same, the internal audit team somehow found that the payment was towards the purchase of raw- materials from Mohammed & Ahmed Al Khonji Brothers LLC (supplier) for marine shipping equipment. Items on control accounts to reconcile different accounts: Sales Day Book Date Customer Invoice No. Gross VAT Net 5-Jun-19 Abbas LLC 8 4320 360 3960 7-Jun-19 Badar Traders 10 2592) 216 2376 10-Jun-19 Sultan Chand 12 3240 270 2970 13-Jun-19 Badar Traders 11 4752 396 4356 19-Jun-19 Sultan Chand 13 2160 1801 1980 ||25-Jun-19 Abbas LLC 9 3888 324 3564 Total 20952 1746 19206 Cash Book - Debit Side - Receipts Date Details Bank Discount allowed 9-Jun-19 Sultan Chand 2115 01 12-Jun-19 Abbas LLC 4060.8 56.41 14-Jun-19 Badar Traders 3600 0 23-Jun-19 Abbas LLC 4060.8 56.41 ||27-Jun-19 Badar Traders 0 28-Jun-19 Sultan Chand 3172.5 0 Total 18809.11 112.81 18001 The Scenario On account of interruptions due to pandemic, year 2020 was not so good for accounting firms too. There were frequent disturbances in procuring the accounting information from the clients, especially from the small and medium business firms owing to multiple issues such as restricted physical movement of personnel on account of lock-down and lack of internet connections for free movement of documents. Some of the accounting snapshots gathered by the firm from various clients at a later stage left without providing appropriate treatments. Transactions on BRS: 1. The overdraft (negative) balance as per pass book OMR 100,000 2. A cheque of OMR 13,000 was deposited, but not collected by the bank 3. Interest on overdraft OMR 5,000 4. Bank charges of OMR 500 were recorded in the pass book 5. Wrong credit entered by the bank OMR 4,000 6. Bank charges debited by the bank OMR 1,000 7. Cheque of OMR 3,000 and OMR 5,000 issued as but not yet cleared 8. Dividends received OMR 5,000 recorded only in the bank statements and not in cash book 9. An insurance premium paid by bank OMR 2,000. It is not yet recorded in cash book 10. Cheque received by the company and presented to the bank returned with NSF OMR 5,000 11. An outgoing cheque of OMR 2,000 recorded twice in the cash book, but properly entered in pass book 12. A cheque given to the supplier by the company returned with the remarks NSF OMR 3,000 Items on suspense accounts: 1. An unknown cash receipt of OMR 4,250 found in the cash book. After a thorough scrutiny it is traced that the money is received from an investment made in Federick Company's shares. 2. There was a bill to be paid to the tune of OMR 8,500 urgently. However, while making the payment, the accounts department could not record the party to whom payment is made. While auditing the same, the internal audit team somehow found that the payment was towards the purchase of raw- materials from Mohammed & Ahmed Al Khonji Brothers LLC (supplier) for marine shipping equipment. Items on control accounts to reconcile different accounts: Sales Day Book Date Customer Invoice No. Gross VAT Net 5-Jun-19 Abbas LLC 8 4320 360 3960 7-Jun-19 Badar Traders 10 2592) 216 2376 10-Jun-19 Sultan Chand 12 3240 270 2970 13-Jun-19 Badar Traders 11 4752 396 4356 19-Jun-19 Sultan Chand 13 2160 1801 1980 ||25-Jun-19 Abbas LLC 9 3888 324 3564 Total 20952 1746 19206 Cash Book - Debit Side - Receipts Date Details Bank Discount allowed 9-Jun-19 Sultan Chand 2115 01 12-Jun-19 Abbas LLC 4060.8 56.41 14-Jun-19 Badar Traders 3600 0 23-Jun-19 Abbas LLC 4060.8 56.41 ||27-Jun-19 Badar Traders 0 28-Jun-19 Sultan Chand 3172.5 0 Total 18809.11 112.81 18001