Lucid 10 24,500 10 31 21,125 1 10 31 11,500 2 1,000 310 31 7,250 4 413 1,050 413 1,750 (5) 2,200 (6) 13,625 13,000 800 175 Lucid 10 31

Question 1 (S marks) The Lucid Company's bank statement for the month of October showed a balance per bank of $24,500. The company's Cash at Bank account in the general ledger showed a balance of $21,125 at 31 October. Other information is as follows: (1) Cash receipts for 31 October recorded on the company's books were $11,500 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $1,000 for cheque printing charges. (3) The total amount of cheques still outstanding on 31 October amounted to $7,250. (4) Cheque No.413 was correctly written and paid by the bank for $1,050. The cash payment journal reflects an entry for Cheque No.413 as a debit to Cash in Bank for $1,750 and a credit to Accounts Payable. (5) The bank returned a dishonoured cheque from a customer for $2,200. (6) The bank included a credit memorandum for $13,625, which represents collection of a customer's note by the bank for the company; principal amount of the note was $13,000, interest was $800, and collection fee was $175. Interest has not been accrued. Required Prepare a bank reconciliation for the Lucid Company at 31 October