HOMEY Electronics (HE) is one of the famous electronics businesses in the Kingdom of Bahrain. Over the past decade, HOMEY has emerged as a leading competitor in the industry, due to the exceptional efforts and visionary leadership of Mr. Ahmed Ali, the Managing Director and owner of this business. With a strong commitment to customer satisfaction, Mr. Ali's primary goal is to establish HOMEY as the preferred destination for shoppers seeking a wide range of models and brands for all their household needs. In line with its expansion plans, HOMEY recently introduced a furniture section, further diversifying its offerings and catering to the evolving demands of its customers. This planned addition has positioned HOMEY as a comprehensive solution supplier for all aspects of home electronics and furnishings. To ensure efficient operations and financial transparency, HOMEY has implemented a robust accounting system and stringent internal controls. By adhering to the calendar year as its financial year, HOMEY Electronics is currently in the process of preparing its financial statements for the year ending December 31, 2023. The trial balance, together with several supplementary documents - appendices relating to the business set out below: Assuming the role of the accounting team at Homey, you are required to complete the delegated tasks from the financial controller. HOMEY Electronics Company Unadjusted Trial Balance 31-Dec-23 Account Name Debit BD Credit BD Sales Revenue 452,000 Repairs and maintenance expense 2,700 Salaries expense 48,000 Advertising expenses 2,500 Utility expense 3,200 Cash at bank 26,000 Accounts receivable 80,000 Allowance for Doubtful Accounts 5,000 Inventory, January 1, 2023, 42,000 Supplies 8,340 Prepaid insurance 2,400 Prepaid rent 6,000 Purchases 185,000 Investments (Short-term) 125,000 Land 220,000 Equipment 95,000 Accumulated depreciation— Equipment 45,000 Buildings 400,000 Accumulated depreciation— Buildings 160,000 Accounts payable 32,000 Salaries payable 12,000 Unearned revenue 70,000 Ahmed Ali's Capital 310,000 Ahmed Ali's, Withdrawals 19,860 Loan payables (long term) 162,000 Loan payables (short term) 18,000 Totals 1,266,000 1,266,000 Page 3 of 23 The succeeding appendices pertain to different transactions not yet included in the unadjusted trial balance. They need to be considered in preparing correcting and adjusting entries. Appendix 1 New Message To: Accountant @Homey.com Subject: Additional investment Date: 31st December 2023 I hope this email finds you well. I am writing to bring to your attention an important matter regarding the drafted trial balance that was sent to me earlier this morning. It has come to my notice that the latest transaction I made this afternoon, concerning an additional investment of cash and a truck, has not been reflected in the current trial balance. The investment amounts to BD 2,850 in cash and BD 12,200 for the truck. This information must be accurately recorded and updated in our financial records. As per the International Financial Reporting Standards (IFRS), it is a requirement that our financial reports present a faithful representation of our company's financial position and are relevant to our stakeholders. Updating the trial balance to include this transaction is vital for maintaining the integrity of our financial statements. I trust in your expertise and attention to detail to ensure the accuracy of our accounting records. Therefore, I kindly request you to take the necessary steps to rectify this error promptly. If you need any further information or assistance, please let me know. Thank you for your prompt attention to this matter. Regards, Ahmed Ali, the Managing Director. Page 4 of 23 Appendix 2 Socialize me MAILING ADDRESS P. O. BOX. 67202 4TH FLOOR, BLDG. NO. 250 ROAD NO. 108, RASRAMAN 301 KINGDOM OF BAHRAIN DATE: DECEMBER 31, 2023 INVOICE # 311220230158 Client Name: Homey Electronics Co. Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Package Type: Sliver Class Membership number: SL450 Description/Product code Quantity Price List Net Total Monthly Advertising Plan - Silver Package 1 BD 250 BD 250 Social Media Boosting Setup - Additional 1 BD 450 BD 450 Total price BD 700 Remarks/Payment term: *Payable within 30 days from this invoice date. Mena Development Bank Account: 120521392495. Authorized Signature Socialize me Page 5 of 23 Appendix 3 Date 30/12/2023. Subject: LOAN OUTSTANDING CERTIFICATE Customer Name: Homey Electronics (the "Borrower") CR: MR68015131112200 Loan Account Number: LNC 500003611213345434466 Loan Agreement (LNA101/12/23) dated December 1, 2023, made between Party 1: First Family Bank (the "Lender") and Party 2: Homey Electronics. (the "Borrower") This is to certify that the aforesaid customer has a loan with TB, details as follows: • Principal amount taken: BD 180,000 • Total Interest to be paid: BD 60,000 • Amount Financed in Total: BD 240,000 • Monthly Instalment: BD 2,000 (BD 500 is an interest payment and BD1,500 is a principal payment) • Loan term: ten years (First payment is due on January 1, 2024 for December 2023, and the last payment is January 1, 2034. This certificate has been given upon the customer's request without any responsibility whatsoever on the part of the bank or any of its officers. Sincerely yours, FFB/ Head of Corporate Banking Page 6 of 23 Appendix 4 MEMO TO: ACCOUNTANT FROM: SENIOR ACCOUNTANT SUBJECT: AGING SCHEDULE OF ACCOUNTS RECEIVABLES In response to your inquiry about receivables, please note the following: On December 31, 2023, the company's Allowance for Doubtful Accounts had a credit balance of BD 5,000 as per unadjusted trial balance. The accounts receivables department has prepared the aging schedule of accounts receivable below. Based on previous years' experience, we estimated the percentage of receivables in each category that will become uncollectible. This information is summarized here: Aging Schedule of Accounts Receivables December 31, 2023 Accounts Receivable Age of Accounts Receivable Expected Percent of Uncollectable BD 30,000 Not yet due 1% BD 20,000 1 to 30 days past due 3% BD 15,000 31 to 60 days past due 5 % BD 5,000 61 to 90 days past due 20% BD 10,000 Over 90 days past due 40% BD 80,000 Page 7 of 23 Appendix 5 TOWERS CONSTRUCTIONS COMPANY Kingdom of Bahrain Building 125, Road 789, Block 908, Manama, Bahrain; Phone 17223337, email: t..n@gmail.com. JOB QUOTATION DATE: DECEMBER 18, 2023 HOMEY ELECTRONICS CO. Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Subject: Quotation for repairs and maintenance Thank you for your inquiry dated 05-12-2023, We are pleased to quote you the following: Item Description Amount BD 1 Cleaning of office and shop premises 600 2 Painting and Plumbing work - Building 1 350 3 Painting and Plumbing work - Building 2 200 4 Annual maintenance of stores 2,000 Gross Total 3,150 These prices are valid till 30 days after this quotation date. We will be happy to supply any further information you may need and trust that you call on us to fill your order, which will receive our prompt and careful attention. If you have any questions concerning the quotation, please contact Mr. Ali Nasser, Sales executive, email: A..i@tccbahrain.com. Thank you for your business! Page 8 of 23 Appendix 6 MEMO TO: ACCOUNTANT FROM: AUDIT ASSOCIATE SUBJECT: ADJUSTMENT OF ENDING INVENTORY It is very important to adhere to the company's current accounting policies regarding the recording and valuation of inventory. As it was the practice for many years ago, we are using the periodic inventory system to maintain inventory records as well as valuing the year-end based on the lower of cost or market value (LCM) technique. In determining inventory cost, we use the weighted average cost flow assumption. This is to ensure consistency of accounting treatment unless a change of accounting method is appropriately justified. While overlooking the area of inventory, an Inventory count shows BD 58,400 as of yearend. However, the below transactions of some goods were not considered: a) The merchandise was ordered and paid for by MANCO on Dec. 30 and shipped on the same date but reached the customer on Jan. 1., valued at BD 13,000, with shipping terms FOB destination. The cash sales were correctly recorded. b) On Dec. 27, the company purchased goods in cash amounting to BD 11,600 FOB shipping point. The goods are expected to arrive on Jan. 5. However, purchases were correctly recorded. c) During the physical inventory, it was found out that goods amounting to BD 2,500 have become wet due to the recent strong rains that seeped through the warehouse, thus, becoming damaged, and cannot be sold anymore. d) Also, the company has consigned goods with Amazing Company, a retailer who acted as a consignee, valued at BD 10,000. e) No material variation of market value from inventory cost was found as per assessing LCM technique. Page 9 of 23 Appendix 7 P. O. Box. 35640, 2nd Floor, Bldg. No. 98, Ammar bin Yasser Ave., Road No. 105, Manama 301, Kingdom of Bahrain Phone: 178675X email: S..O@mail.com POLICY SCHEDULE Private Building -Comprehensive Package We hereby certify that a policy of insurance covering the liability arising from accidents has been issued as follows: Policy No PB310201081718-05 Insured Name and Address HOMEY ELECTRONICS CO. Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Period of Insurance From 01/12/2023 12:00 AM To 30/11/2024 23:59 PM Type of Coverage Private Building - Comprehensive Package / National Day Package Issue Date 30/11/2024 Instructions in case of an accident 1- Report the accident immediately to Civil Defence Directorate 2- Don't admit any liability without the consent of the company Compulsory Excess BD 12,000 Guilty Deductible. Subject to review and increase. Premium BD 2,400/- Only Issued By: Nasser Ahmed 30/11/2023 10:00 AM Sr. Claims Manager For SICO Insurance Company Page 10 of 23 Appendix 8 New Message To: a..t@Homey.com Subject: New payroll policy for December 2023 Date: 31st December, 2023 I hope this email finds you well. Following your request earlier today, I am providing you with an additional list of salaries for the newly appointed sales representatives for December 2023. As discussed during our phone conversation, I would like to confirm that these selected sales representatives will be subject to the new payroll policy, which was approved during the board meeting held in October. According to the policy, payment of their salaries be made on the 2nd day of the following month. Consequently, their salaries remained unpaid as of December 31st. Please note that the selected employees were informed about the new payment policy via email two months ago. Supervisors' Salaries List - December 2023 Employee No Net pay (BD) 20221234 920 20221235 820 20221236 1,060 20221237 1,100 20221238 1,200 Total 5,100 Regards, Payroll specialist  Appendix 9 Owner Ahlia Properties Co. (Hani Hamaidan) ?????? Leaseholder Homey Electronics ???????? Type of rented Property Office Location Hamad Town ?????? ?????? ?????? ??? ???? ???? 1208 Block 807 Road 100 No Lease Period One-year ??????? ??? From Nov 1, 2023 To Oct 31, 2024 ??? ?? Rent BD. 6,000 Per year ?????? ??????? Electricity Consumption and Municipality Payable by Lessor ???????? ??? ???????? ???????? ???? ??????? Conditions Agreement 1- If the leaseholder or the Owner desires to terminate the lease, he must give not less than one month's notice. The Owner has the right to vacate the property immediately for any of the following reasons: a. If the leaseholder causes any damage to the property. b. If the leaseholder fails to pay the rent and agreed charges. c. If the leaseholder uses the property for illegal activities. d. If the leaseholder rents the property or portion of it to other people without the Owner's approval. e. If the leaseholder causes a disturbance or bothers other tenants. 2- The leaseholder has no right to destroy or ask for compensation for any installation made in the property. The Leaseholder must not do any construction without referring to the Owner. 3- The Leaseholder must take care of the property and is responsible for the maintenance of any damage or mischief. 4- The leaseholder shall not leave his belongings and other personal stuff in the building's corridors and keep them inside the flat only. 5- The leaseholder shall pay twelve months' rent in advance upon signing the agreement. 6- The owner has the right to increase the amount of the monthly rent by 10% per year and 10% monthly on past due rent. 7- When the leaseholder fails to pay the rent in the determined time or breaches any of this contract's terms, the contract becomes null and void which gives the owner the right to demand vacation of the flat and full payment of all past due rent and when the leaseholder refused to vacate the flat and pay the past due rent the first party has the right to file a legal case before the Urgent Matter Court and demand full payment of the past due rent and order the leaseholder to vacate the property instantly. -1 ??? ??? ??? ??????? ????? ?????? ???? ?? ???? ????? ???? ?? ??? ?? ??????? ??? ??? ????? ????? ???? ??? ??? ???????? ????? ?????? ????? ???????: ?. ?? ????? ?? ??????? ??? ??? ????? ?. ? ?. ??? ??? ?? ??? ??????? ?? ????????. ?. ??? ?????? ????? ???? ??????? ?. ??? ??? ?????? ?? ????? ??? ??? ?????? ??????. ?. ??? ???? ???????? ?? ????? ?? ?????? ???? ???? ???????. -2 ?? ??? ????? ???????? ?? ?????? ?? ??? ?? ?????? ?? ???? ??????? ???? ????? ?????? ?????? ??? ????. -3 ??? ???????? ???????? ??? ?????? ????? ?????? ?? ????? ?????? ?????? ?????? ???????. -4 ??? ???????? ??? ??? ?????? ??????? ?? ????? ??????? ?????? ???? ??????? ???. -5 ????? ???????? ???? ??????? ??? ???? ??? ????? ?????? -6 ??? ?????? ????? ???? ??????? ?????? ????? %10 ????? ??????? ????? ????? %10 ????? ??? ????? ????????? ????????. -7 ?? ???? ???? ???????? ?? ???? ?????? ?? ???????? ?????? ????? ?? ?????? ??? ?? ???? ??? ????? ????? ????? ?????? ?? ????? ???? ? ??? ?????? ????? ???????? ?? ????? ? ??????? ??????? ???????? ? ??? ?????? ???????? ?? ????? ????? ? ??? ????????? ??? ?????? ??? ???? ???? ????? ?????? ????????? ?????? ???????? ?? ?????? ???? ? ?????? ???? ?????? ???????? ? ?????? ?????? ? ????????. ?????????:: Remarks 2 1 ?????? ?????? Witness and ?????? ????? Witness st Witness 2 Witness 1 ????? ???????? Leaseholder Address & Signature Ahemd Ali, Homey Electronics ????? ?????? Owner Address & Signature Hani. Hamaidan Page 12 of 23 Appendix 10 New Message To: a..t@Homey.com Please make sure the following considerations are appropriately reflected on the year-end financial statements: 1. Apply the straight-line method to all depreciable assets. 2. The estimated residual value of the class of equipment was to be BD 5,000 with an expected useful life of 10 years. You can see the attached invoice (0154/17) received from ANCO Machines 5 years ago (see attachment 1). 3. Buildings acquired four years ago are accounted for using the cost model. The buildings are depreciated by 10% with no salvage value. 4. As per the revaluation certificate received from PPE Property Management, remember that there was no material variance between the historical cost of land and its market value as of December 29, 2023 (see attachment 2). Regards, Senior Accountant Page 13 of 23 Appendix 10 (contd) (Attachment #1) ANCO Machines DATE: DECEMBER 31, 2017 INVOICE INVOICE NO.0154/17 To HOMEY ELECTRONICS CO. Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Description/Product code Quantity Price List/unit Net Total Office Equipment 10 BD 10,000 BD 100,000 Total price BD 100,000 Discount (BD 5,000) BD 95,000 Remarks/Payment term: *Payable within 30 days from this invoice date. First Family Bank Account: 81024701013. If a cheque is used, make all cheques payable to Company Name Payables Department - Finance Page 14 of 23 Appendix 10 (Cont'd) Attachment #2 Al Moayed Tower 10th Floor PO BOX:5075 Manama Kingdom Of Bahrain Date:29/12/2023 Ref: HEC-L01 Client Name: HOMEY ELECTRONICS CO. Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain For the attention of Mr. Ahmed Ali Dear Sir, Re: Valuation Report - Land (545sqm) -Located in Hamad Town We wish to thank you for your instruction to re-value this property following our report of the 13th of September 2023. We are pleased to provide our valuation as of 28 December 2023, as this land has a current market value of BD 220,000. Kindly consider this letter as an updated certificate for your records. We trust this certificate meets the requirements of your instructions, and we remain. Yours faithfully, PPE Property Management RICS Registered Valuer CEO Page 15 of 23 Appendix 11 From Electricity and Water Authority To Homey Electronics Mailing Address P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Service Amount (BD) Water 85 Electricity 285 Municipal rate 70 Total 440 Note: It is the company's policy to pay their utility expenses on the 15th day of the following month. BILL OF THE MONTH: December - 2023 DATE OF ISSUE: 31/12/2023 Customer Account No. 1066452385 Page 16 of 23 Appendix 12 New Message To: a..t@Homey.com Subject: Additional items for consideration Dear Accountant, Please make sure the following items are appropriately reflected on the year-end financial statements: 1. Forty percent (40%) of the performance obligation related to cash received in advance from customers is satisfied. 2. Upon inventory count, BD 540 worth of supplies are still available and can be used in the following year. 3. The company paid rental for one year for BD 6,000 upon signing the contract of lease (refer to Appendix 9 - rental agreement). Regards, Senior Accountant Page 17 of 23 Appendix 13 New Message To: a..t@Homey.com Subject: Ratio analysis of financials of potential new suppliers --------------------------------------------------------------------------------------------------------------------------------------- I have just received an email from the purchasing specialist stating that one of our major suppliers, for the last five years, has gone into liquidation. He is concerned about selecting a new supplier that can be trusted to supply the company with its needs for the foreseeable future. He provided the financial highlights of the two potential suppliers in a summary format. Please analyze the financial highlights of the potential suppliers as follows: Details Nas Supplies Company Pro Supplies Company Net Sales BD 100,000 BD 145,000 Current assets BD 185,000 BD 136,000 Current liabilities BD 190,000 BD 92,000 Inventory BD 50,000 BD 30,000 Gross profit BD 48,000 BD 80,000 Net profit BD 30,000 BD 60,000 Your prompt response is much appreciated. Regards, Managing Director Page 18 of 23 Appendix 14 (i) Below is the bank statement of HOMEY ELECTRONICS CO. for the period of 15th - 31st of January 2024. In reviewing the bank statement, it was found that on 31st January 2024 the company did not yet record the following: • The Interest earned from the bank. • NSF fees charged on rejected cheques. • Bank fees paid out for issuing a new replacement card for the lost Debit cards. Your Account Statement Issue Date 31/01/2024 Themar Bank AMS Buildings, Al Seef District P.O Box. 4456, Manama- Kingdom of Bahrain Tel: (973) 17404668 Fax: (973) 17404665 Period 15/01/2024 -31/01/2024 111-325-467-980 HOMEY ELECTRONICS CO. P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain Date Payment Type Detail Pain In BD Paid Out BD Balance BD Balance Brought Forward 26000 15/01/2024 Fast Payment eBay Trading Co. 50 25950 17/01/2024 Fast Payment Abelio ScotRail Ltd. 3170 22780 18/01/2024 BACS Maron Advertising 250 22530 20/01/2024 Fast Payment EWA Bill 130 22400 21/01/2024 DD Bos Mastercard 2000 20400 21/01/2024 DD OVO Co. 14680 5720 25/01/2024 EBP Salaries Paid 5150 570 26/01/2024 Fast Payment Check 000246 21150 21720 31/01/2024 Int. Bank Interest 165 21885 31/01/2024 BACS NSF fees 85 21800 31/01/2024 BACS Lost cards fees 20 21780 Ending Balance 21780 Note: Page 19 of 23 Appendix 14 (ii) On 31st January 2024, HOMEY ELECTRONICS CO. received a check for BD 9000 from its client. On the same date, the financial controller placed the check in the bank's night depository after banking hours, and was not recorded on the January 31 bank statement. Seal No. Deposit Slip No. - dd mm Branch Seef District Date * A/c. No. * Pay into the A/c of. Amount (in words) No. of Cheque - PAN No. * Please select the type of deposit Cheque date Drawer Drawee Bank x Sr. No. Cheque No. x 1 x 2 x 3 x 4 x 5 x 6 x 7 x 8 9 Acknowledgment from Agency Depositor's Signature I confirm that I have read the "Terms & Conditions" of Doorstep Banking Services offered by the Bank. Customer's Copy (issued by agency) 3005191251 by DSB Deposit Slip Drawn on Location Cheque Amount Cash Total 20 5 10 0.5 1 0.05 0.1 Total 0.001 Others Seal No. Deposit Slip No. - dd mm Branch Seef District Date * A/c. No. * Pay into the A/c of. Amount (in words) No. of Cheque - PAN No. * Please select the type of deposit Cheque date Drawer Drawee Bank x Sr. No. Cheque No. x 1 x 2 x 3 x 4 x 5 x 6 x 7 x 8 9 Acknowledgment from Agency Depositor's Signature I confirm that I have read the "Terms & Conditions" of Doorstep Banking Services offered by the Bank. Customer's Copy (issued by agency) 3005191251 yyyy DSB Deposit Slip Drawn on Location Cheque Amount Cash Total 20 5 10 0.5 1 0.05 0.1 Total Total 0.001 Others 0 0 6 7 2 4 3 0 1 0 6 8 7 7 - 3 8 9 1 0 5 Themar Bank 1 John Ebrahim Seef District 31 01 2024 HOMEY ELECTRONICS CO. Nine thousand two hundred BHD only 9000 9000 31 01 2024 Themar Bank Page 20 of 23 Appendix 14 (iii) The following are two outstanding checks issued by HOMEY ELECTRONICS CO. on January 31st, 2024. HOMEY ELECTRONICS CO. P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain 1002 |: 12210527|: 6724301068||: 1001:| Date __________ Paid to the Order of _________________________________________________________ 2,500 _______________________________________________________________________ Bahraini Dinars BD Themar Bank Seef District, Manama For Jawad Hadi Signed ___________________________ HOMEY ELECTRONICS CO. P. O. Box. 23056 Bldg. No. 100 Road No. 807, Hamed Town 1208 Kingdom of Bahrain 1001 |: 12216689|: 6724301068||: 1002:| Date __________ Paid to the Order of _________________________________________________________ 3,200 _______________________________________________________________________ Bahraini Dinars BD Themar Bank Seef District, Manama For Jawad Hadi Signed ___________________________ MCME Company. Inc ABC Company Ltd. 31-01-2024 31-01-2024 Three thousand two hundred Bahraini Dinars only Two thousand five hundred Bahraini Dinars only Page 21 of 23 Required Assuming the role of accountant of Homey Electronics, you are required to complete the delegated tasks from the managing director and senior accountant: Task A - Record the necessary correcting and adjusting entries for the year ending December 31, 2023. (36 marks). LO2,3 and 4 Notes: - You must show all your workings for task A, using tables, schedules, calculations, and explanations, where appropriate. - Ignore VAT implications. Task B - Prepare an accounting worksheet reflecting the related accounts, unadjusted trial balance, adjustments, and adjusted trial balance for the year ended December 31, 2023. (12 marks). LO2,3 and 4 Task C - Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet at December 31, 2023. (LO5 Task D - Refer to Appendix 13, prepare a memorandum addressing the managing director on the company's profitability and liquidity. In the memorandum, you should include the following: 1- The Calculation and interpretation of any four (4) applicable ratios, two (2) profitability-category ratios, and two (2) liquidity-category ratios, that you have studied in the course. 2- The recommendation for selecting a reliable supplier that can fulfill the company's needs shortly.   Task E - Discuss how the accounting principles, and/or assumptions apply to HOMEY Electronics Company's financial accounting and reporting. Your discussion should include four examples and applications from the case. (6 marks) LO1 Word count: (350 words +/-10%). Task F - Discuss how the financial statements of Homey Electronics can address the needs of the users of financial information. Your discussion should highlight the needs of four different users of financial information and how the Marking scheme Calculates appropriate ratios.  Basic interpretation of ratios Marking scheme Defining and describing the four accounting principles, and/or assumptions that apply to Homey Electronics financial reporting. Provide four relevant and illustrative accounting examples of the accounting principles and/or assumptions from the case to support your argument. Marking scheme Discussing the needs of the four different users of the financial information and how the information on the financial statements can address these needs with clear links with the case appendices. Communication skills and referencing   Task G - Refer to appendices 14 (i, ii, and iii). discuss how these appendices can be useful to Homey Electronics to prepare the bank reconciliation for the month ending January 31, 2024. Note that the company cash account shows BD 25,020. Your discussion should highlight the preparation of the bank reconciliation, the effect of reconciling items on the company bank account, and at least four (4) benefits of bank reconciliation to the company. . Marking scheme Preparing the bank reconciliation and the effect of reconciling items from relevant Appendices 14 (i, ii, and iii) Discussing four benefits of the bank reconciliation to the company  Communication skills and referencing.