Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please just do practice question one and two. Practice Question 1 Mr. G.A ken maintains a current account No. 000023456 with Boris Bank Ltd. The

image text in transcribedPlease just do practice question one and two.

Practice Question 1 Mr. G.A ken maintains a current account No. 000023456 with Boris Bank Ltd. The balance on the account as at 31/12/2018 was N155,000 credit, Mr. Ken's transaction with the bank in the month of January 2019 were as follows N10,000 cash deposited on 2/1/2019 it. A cheques of N25,000 issued to Mr. Ken by one of his debtors was lodged into his bank account on 6/1/2019 IL He drew a 'cash' cheque number 000062 for N40,000 on 7/1/2019. The cheque was presented to the bank and payment received on that date iv He issued a cheque No. 000063 for N50,000 to one of his creditors, Mr. S.O. Dada on 10/1/2019. Mr Dada presented the cheque to Boris Bank Ltd. on 13/1/2019 and received payment. Received cheques worth W220,000 from various customers and lodged them into the account on 14/1/2019. All cheques matured for credit to the account on 19/1/2019. vi There was a standing agreement between the bank and Mr. Ken that his monthly life assurance premium of N21,500 should be paid directly to the insurance company by the bank. The bank remitted this on 25/1/2019 vil On 31/1/2019 Boris Bank Ltd. debited Mr. Ken's account with a service charge of N4,200 V You are required to prepare a statement as it would have been prepared by Boris Bank Ltd. reflecting the above transactions Practice Question 2 On 31" December 2020, Uncle Owolabi's cash book showed a debit balance of N59,500 in the bank account. The bank statement on the same date showed a credit balance of 108,000 On comparing the cash book with the bank statement the following differences were discovered i Cheque for #15,500 had been paid into the bank on 31" December, 2020 but was not credited by the bank until the following day ii. Cheque for N57,000 had been drawn but not yet presented for payment: B ili Bank charges of N8,000 appeared on the bank statement but not in the cash book iv. A standing order for N5,000 to the Trade Protection Society payable on the 24 December had been paid by the bank but not entered in the cash book Dividends of N20,000 collected and credited by the bank did not appear in the cash book V V You are required to a Adjust the cash book b. Prepare a bank reconciliation statement as at 31 December, 2020 Practice Question 3 The following is the summary from the cash book of Otunba Daniel Enterprises for October 2019 Cash Book N N

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Agile Auditing Fundamentals And Applications

Authors: Raven Catlin, Danny M Goldberg, Ceciliana Watkins

1st Edition

1119693462, 9781119693468

More Books

Students also viewed these Accounting questions

Question

Define self-esteem and discuss its impact on your life.

Answered: 1 week ago