I to iv please

QUESTION FOUR William Harrington has been trading as a Sole trader forover 3yrs. He had the tendency of leaving money in the shop for a period of 2yrs. One days the market in which he was operation caught fire and luckily his shop was made of a container and whilst his friend's goods were bumt to ashes, but at least his, among others survived. Having leamt a lesson, in 2021, he opted to open a Current account at Zambia National Commercial Bank PLC to enable him manage his daily transaction in amore secure way and requested the bank to be sending him the bank statement every month. The bank Statement for last Month, in May 2021, just amived and having gone through, he discovers that the balance on his Cash Book is differs from what the bank statement. Understanding that you are a Banking and Finance graduate, he has requested you to help him resolves this difference problem at a fee. William Harington's Cash Book as 30th March 2021 2021 ZMK 2021 ZMK March 01 Balance b/f 5240 March 5 M. Marion (Cheque no. 56874) 250 March 07 P. Fresh 320 420 March 6 K. Reagan (Cheque no. 56875) March 21 E. Luke (Cheque no. 56876) March 10 K. Rodrick 580 80 March 21 W. Brown 75 510 March 27 J. Rangers 360 March 27 T. Femandos (Cheque no. 56877) March 30C. Leon March Balance c/d 130 March 30 J. Richards 125 5310 6,700 6,700 Bank Statement as at 30th March, 2021 Date Details Debit (ZMK) Credit (ZMK) Balance (ZMK) Bank Statement as at 30th March, 2021 Date Details Debit (ZMK) Credit (ZMK) Balance (ZMK) March 1 5,240 Balance b/d Dishonored Cheque retumed to drawer March 2 200 5,040 March 7 320 5,360 March 9 420 4,940 Deposit Cheque no.56875 Cheque no. 56874 March 10 250 4,690 March 13 580 5,270 Deposit March 21 50 5,220 Direct Debit (Insurance) March 25 120 5,340 Credit Transfer (P. mervis) March 27 75 5415 Deposit March 29 March 30 80 Cheque no. 56876 Cheque no. 56877 5,335 March 31 510 4,825 Bank Charges 10 4,815 Required: Required: (1) Prepare an updated Cash book (5 marks) (ii) Prepare a bank reconciliation statement resulting from the discrepancies between Cashbook and Bank Statement (5marks) b) The changes in the prices of goods and services can have serious inpact on businesses and no wonderit has always been the concem of the central banks world over. One of their main objectives of central banks globally, is to ensure that they reduce inflation rate to a record low using available monetary policy tools. In view of the above, William Harington is wonied of the survival of his business in due to the possibility that Inflation might continue sky-locating thereby affecting the value of goods in his shop. As a church mate, he realizes that you just graduated as a Banker from ZCAS University, he has come for advice on how best he can protect his business against the evils of inflation Discuss what is meant by inflation (2 marks) i) The purchasing power of a Currency (2 marks) ii) Money as a medium of exchange (2marks) ii) Money as a unit of account (2 marks) iv) Money as a store of value (2 marks)