Flavas Sdn Bhd involves in soft drinks and health food business with significant present

online. The company has an overdraft facility from its bank with a credit limit of

RM$150,000.$ As of June $30,2023,$ the bank balance as per bank statement was

RM$30,000\mathrm{.}00,$ whereas the balance as recorded in the General Ledger $($GL$)$ was RM

$(44,100\mathrm{.}00).$ With your recent training in accounting skills, you are assigned to prepare

a bank reconciliation statement and to suggest relevant accounting adjustments. After

comparing bank account records in the GL and transactions as presented in the bank

statements, you identified the following reconciling items:

A cheque of RM$6,200$ received from one of the customers was declined by the

bank due to insufficient bank balance.

Cheques received from customers were deposited to bank but not yet cleared with

the total amount of RM$15,400.$

Monthly rental payment of RM$4,500$ was debited in the bank statement by way of

standing order.

Due to urgency to secure trade supplies, Abdullah, CEO of Flavas made an online

transfer of RM$20,800$ for the purchases.

Bank charges of RM$36$ were debited in the bank statement.

RM$25,000$ was transferred from bank account to fixed deposits as per bank

requirements to maintain the overdraft limit$.$ This was yet to be recorded in Flavas'

accounting book. Also, reminder was given by the bank for underutilised credit

facilities.

RM$8,400$ was deducted from the bank balance as recurring payments for

monthly loan Instalments

An electronic fund transfer of RM$80,500$ was received from Ayum Drinks, a

trade customer.

Profit sharing of RM$345$ from the bank was credited in bank statement.

Utilities expenses of RM$2,454$ paid online were wrongly entered into bank

account in the GL as RM$4,245.$

Flavas received RM$6,800$ for the medical claims for staff from a takaful operator

via electronic fund transfer

A cheque RM$65,000\mathrm{.}00$ was issued as payment to Angah, one of the trade

creditors, but the cheque was not yet presented to the bank.

Required:

a$.$ Prepare bank reconciliation statement as at June $30,2023.$

b$.$ Post relevant journal entries to update the bank balance as at June $30,2023.$

$(6$ marks$)$

c$.$ What is the adjusted bank balance in the General Ledger as at June $30,2023?$

$[$Total: $15$ marks$]$