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Make a bank reconsilation The following information is available after the Cash Book of Vanilla Stores was compared with their Bank Statement at 30 September
Make a bank reconsilation
The following information is available after the Cash Book of Vanilla Stores was compared with their Bank Statement at 30 September 2020. Further Information: The Cash Book showed an overdraft of 10,100. The Bank Statement showed a debit balance of 30,568. The deposit of 7,654 does not appear on the Bank Statement. Cheques not yet presented for payment: Mr. Jino 805 Mr. Dong 690 The bank recorded the following in the current bank account of Vanilla Stores: Credit card levy 150 Service fee 243 Interest on overdraft 163 A cheque for 260 received from P. Peters was dishonoured by the bank due to lack of funds. Discount allowed on this cheque was 30. A payment by a debtor, D. Sunshine, for 3,000 appears in the Bank Statement and not in the Cash Book. Mr. Dalip deposited $20,000 but this did not appear on the bank statement The Bank Statement showed a 'debit order' for 693 in favour of Purple LLC for an insurance premium. T. Swong, a tenant, deposited his monthly rent directly into the bank account, 4,200. Accurately prepare a complex bank reconciliation statement for financial control. Further produce a written report that evaluates the importance of accurate reporting and recording of financial transactions, including bank reconciliation, to ensure accurate financial controlStep by Step Solution
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