QUESTION 3 (10 MARKS) Mashilingi Traders received their bank statement on 31 May 2021 and compared it to their receipts and payments journal. The bank statement showed a balance of N$7 250 (overdraft) as at 31 May 2021 while the receipts and payments journal showed a negative balance of N$10 270 (credit) as at this date. On examination of the cash book and the bank statement the following were discovered. 1. A deposit of N$4 000 made on 31 May 2021 does not appear on the bank statement. 2. Cheque no. 4450 for an amount of N$275 appears on the bank statement as N$25. 3. A deposit of N$182.50 was incorrectly captured in the receipts and payments journal as N$317.50. 4. Cash receipts of N$2 250 were posted as cash payments of N$2 700 in the receipts and payments journal. 5. Bank charges of N$75 appear on the bank statement and were not recognised in the receipts and payments journal. 6. Interest of N$870 on bank overdraft was not recognised in the receipts and payments journal. 1. Cheque no. 4452 for an amount of N$1 500 was still outstanding at month-end. 2. Receivables of N$1 875 were deposited directly to the bank account. No record had been made of this in the receipts and payments journal. 3. Cheque no. 300 for N$990 received from Mr Botes, a receivable, received from the bank were marked Referred to drawer (R/D). 4. Cheque no.4458, amounting to N$4 225 was also still outstanding at month end. 5. Cheque no. 4300 written on the 15th of August 2020 amounting to N$750 was still not been presented to the bank for payment as of 31 May 2021. REQUIRED: a.) Calculate the correct balance of the receipts and payments journal as of 31 May 2021. b.) Compile the bank reconciliation statement for the month ended 31 May 2021. (7) (3)