GRADE 11 TERM 1 QUESTION 1 The following information has been taken from the books of iRead Book Shop. The business has a current account with United Bank. REQUIRED 1.1 1.2 1.3 1.4 1.5 1.6 Complete the Cash Receipts Journal for June 2007 Complete the Cash Payments Journal for June 2007 Prepare the Bank Reconciliation Statement on 30 June 2007 Post to the Bank account in the General Ledger and balance the account. Does the business have a favourable bank balance or a bank overdraft on 31 May 2007?(2) (13) (13) (14) s a credit balance according to the bank statement a favourable or an unfavourable bank balance? INFORMATION 1 Provisional totals in the Cash Journals for June 2007 CRJ 34 000 34 000 CPJ 28 000 28 000 Bank Sundry accounts 2. The Bank Reconciliation Statement on 31 May 2007 showed the following: 4 600 Credit balance as per bank statement Credit outstanding deposit Debit cheques not yet presented for payment 5 800 No. 285 No. 298 No. 384 1 400 1 000 1 900 6 100 Debit balance as per bank account 3. A c for J e Bank R 3.1 3.2 3.3 The bank credited the outstanding deposit of R5 800. The bank paid cheque no. 285 for R1 400 Cheque no. 298 for R1 000 was issued as a donation to Worcester Athletic Club. The club has since been dissolved. The cheque must be cancelled. Cheque no. 384 for R1900 is still outstanding. 3.4