Information: 1. Extract from the Bank Reconciliation Statement on 31 January 2021 R Balance as per statement (favourable) 1 400 Credit late deposit 1 380 Debit outstanding cheques No. 175 560 No. 140 1 600 No. 154 1 500 Balance as per bank account ? TIL 2 3. . . 4. The following provisional totals were extracted from the cash journals on 28 February 2021 Cash Receipts Journal R30 150 Cash Payments Journal R25 110 On comparison of the bank statement from Money Bank for February 2021 with the cash journals for February 2021 and the bank reconciliation statement as at 31 January 2021, the following differences were revealed: Cheque no. 140 was presented for payment on 21 February 2021. Cheque no. 154 was issued to Purple Place Club as a donation. The club has since closed down and the cheque must be cancelled. A deposit of R1 380 appeared on the bank statement on 3 February 2021 and not in the journals for February 2021. No entry has been made for cheque no. 191, R1 260, dated 24 March 2021, issued in favour of Brad Traders for stock purchased. This cheque has not been presented for payment as yet. In the Cash Receipts Journal an entry was made on 28 February in respect of a deposit, R4 530, which did not appear on the bank statement. Cheque no. 195, R1 100, issued to Nilandi Shop had been lost in the post. The cheque was stopped and replaced by cheque no. 201. The entries were made, but the cheque has not yet been presented to the bank for payment. A cheque drawn by a debtor, F Fry, was dishonoured by the bank owing to insufficient funds. The cheque was received in settlement of his debt of R580. RBO discount was allowed to F Fry. Cheque no. 205 for R1 670, issued to creditor JKF Suppliers, appeared on the bank statement. The cheque, however, was recorded as R1 760 in the Cash Payments Journal. 5. 6. 7. 8. STADIO Page 2 of Assignment TUTORIAL LETTER I (ASSIGNMENT 1) - 2021 FIRST SEMESTER ACNICO ACCOUNTING FOR MANAGERS 1 9. A tenant, Red Rosie, deposited the rent for February 2021 directly into the current account, R3 100. 10. Bank charges amounting to R600 was charged by the bank. 11. A deposit of R2 500 appeared on the bank statement. This was incorrectly recorded in the account of the business. The bank will correct the error. 12. On 28 February 2021 the bank statement showed a credit balance of R7 380. Required: 1.1 Complete the Cash Receipts Journal and Cash Payments Journal of Sibbling Traders for February 2021. (14) 1.2 Post to the bank account in the General Ledger. (8) 1.3 Prepare the Bank Reconciliation Statement on 28 February 2021. (8)