Question 1 Watch the video lecture on Internal Control and Cash. Make a list of some procedures that should be followed in a business to ensure there is good internal control over cash. Question 2 Complete Problem 11.25 (11.10 old book) from page 539 of the text book. The journals and a proforma for the Cash at Bank account are reproduced below. Please note that only the Cash at Bank Overdraft column has been included, in reality there would be other money columns in the journals. You must write up your own Bank Reconciliation Statement. Assume any errors were made by the business. NOTE: in this example the business was informed by the bank about the dishonoured cheque on 19 June and has already entered the returned cheque into the Cash Receipts Journal Date June 2 5994 Cash Receipts Journal Account Sales M. Fra Sales P Bartel Sales 4 S Sales 52500 8 C, Mason 90 Il Files 45.68 Sales 555.0 9 Sales 12 Rasheed 50240 15 Sales 519 56 17 Botten 15.00 . Greenhalsh Sales 440 86 19 Rasheed-dishoncured chegud (3465) Sales 548 65 26 M Fraser 34 50 536.00 29 Sales Date June I Cash Payments Journal Account Cheque necash at Bank Love Lid 4582 145.67 Cash Payments Journal Date Account Cheque no.Cash at Bank June I Love Ltd 4582 345.67 2 Bishop Ltd 4583 189.60 4 Wages and salaries 4584 880.00 5 Petty cash 4585 54.65 D. Elliot 4586 125.60 8 Taylor & Sons 4587 5490 9 PB Petrol Bowsers 4588 95.00 Accommodation 4589 235.40 11 G. Warner & Partner 4590 5 84.30 12 Electricity Led 4591 7 20.89 15 Big Gas Corporation 4592 2 20.54 Telephone Company 4593 325 90 17 Advertising 4594 220.00 18 Wages and salaries 4595 880.00 19 Donation - Sallies Army 4596 5 0.00 22 Freight 4597 80.00 24 Purchases 4598 2 ORO 00 25 PB Petrol Bowsers 4599 56.80 26 S Bartel 4600 125.00 29 Petty Cash 4601 4 2.05 30 K. Tumer 4602 38.70 Cash at Bank A/C You must write up your own Bank Reconciliation Statement for Part C Apple IDRA 11.35 Bank reconciliation LOS 2019 S5345 Chn 4578 4570 6735 130 Casa 55577 Abridged cars and can y ou be Cash Race Journal d as fotos 500264 56 555 502 5370 51 35.40 J. Green 2220 Ses SESI Cash Journal Cheque no cash at Bank 3451 shop Ltd | Putty cash 545 125.60 540 CHAPTER 1 Cashg ant and control 530 Question 1 Watch the video lecture on Internal Control and Cash. Make a list of some procedures that should be followed in a business to ensure there is good internal control over cash. Question 2 Complete Problem 11.25 (11.10 old book) from page 539 of the text book. The journals and a proforma for the Cash at Bank account are reproduced below. Please note that only the Cash at Bank Overdraft column has been included, in reality there would be other money columns in the journals. You must write up your own Bank Reconciliation Statement. Assume any errors were made by the business. NOTE: in this example the business was informed by the bank about the dishonoured cheque on 19 June and has already entered the returned cheque into the Cash Receipts Journal Date June 2 5994 Cash Receipts Journal Account Sales M. Fra Sales P Bartel Sales 4 S Sales 52500 8 C, Mason 90 Il Files 45.68 Sales 555.0 9 Sales 12 Rasheed 50240 15 Sales 519 56 17 Botten 15.00 . Greenhalsh Sales 440 86 19 Rasheed-dishoncured chegud (3465) Sales 548 65 26 M Fraser 34 50 536.00 29 Sales Date June I Cash Payments Journal Account Cheque necash at Bank Love Lid 4582 145.67 Cash Payments Journal Date Account Cheque no.Cash at Bank June I Love Ltd 4582 345.67 2 Bishop Ltd 4583 189.60 4 Wages and salaries 4584 880.00 5 Petty cash 4585 54.65 D. Elliot 4586 125.60 8 Taylor & Sons 4587 5490 9 PB Petrol Bowsers 4588 95.00 Accommodation 4589 235.40 11 G. Warner & Partner 4590 5 84.30 12 Electricity Led 4591 7 20.89 15 Big Gas Corporation 4592 2 20.54 Telephone Company 4593 325 90 17 Advertising 4594 220.00 18 Wages and salaries 4595 880.00 19 Donation - Sallies Army 4596 5 0.00 22 Freight 4597 80.00 24 Purchases 4598 2 ORO 00 25 PB Petrol Bowsers 4599 56.80 26 S Bartel 4600 125.00 29 Petty Cash 4601 4 2.05 30 K. Tumer 4602 38.70 Cash at Bank A/C You must write up your own Bank Reconciliation Statement for Part C Apple IDRA 11.35 Bank reconciliation LOS 2019 S5345 Chn 4578 4570 6735 130 Casa 55577 Abridged cars and can y ou be Cash Race Journal d as fotos 500264 56 555 502 5370 51 35.40 J. Green 2220 Ses SESI Cash Journal Cheque no cash at Bank 3451 shop Ltd | Putty cash 545 125.60 540 CHAPTER 1 Cashg ant and control 530
