Question 2 13 marks Accounting for Current Assets - Bank reconciliation You are provided with the following information relating to Ms Jeune de Winner, a clothing designer: (i) Last month's bank reconciliation statement (ii) Cash receipts and cash payments journals for the current month, and Statement from her bank showing the month's transactions: (iii) (i) The bank statement was reconciled last on 31 May and this is given below: Jeune de Winner bank reconciliation statement as of 31 May Credit balance as per bank statement $1,775 Add outstanding deposit Date 29/05 $200 $200 $1,975 Deduct unpresented cheques Cheque number 091 $50 096 $150 099 $75 $275 Debit balance as per bank ledger $1,700 (bank ledger = balance as per company cash at bank account) (ii) The cash and cheques recorded in her books as being received and paid in the month are: Cash receipts journal June 04 Accounts receivable -B Johnson $200 June 06 Sales $300 June 14 Sales $250 June 19 Accounts receivable - Mrs Smith $300 June 30 Sales $180 Total receipts for June $1,230 Cash payments journal June 10 Wages Cheque # 101 $500 June 10 Petty Cash # 102 $100 June 15 Purchases #103 $950 June 16 $100 June 18 Accounts payable - T Smith 104 Accounts payable - B Mitchell 105 Accounts payable - N Voight 106 $150 June 20 $200 June 24 Drawings 107 $100 June 28 $50 Accounts payable - B Cummings 108 Total payments for June $2,150 (iii) The statement of transactions (bank statement) received from her bank was: Pacific National Bank Pacific National Bank Limited (ACN: 007 007 007) Ms Jeune de Winner Account No: 78 3335 11 109 Lakeside Drive Date Issued: 3 July Lake Eyre SA 6920 Date this statement: 30 June Date last statement: 31 May Date Details Debit Credit Balance June 01 Balance brought forward $1,775 CR June 02 Deposit $200 $1,975 CR June 03 Cheque # 096 $150 $1,825 CR June 05 Deposit $200 $2,025 CR June 07 $300 $2,325 CR Deposit Dishonoured Cheque NSF June 08 $50 $2,275 CR June 10 Cheque # 101 $500 $1,775 CR $1,675 CR June 10 $100 Cheque # 102 Cheque # 099 June 12 $75 $1,600 CR June 15 Deposit $250 $1,850 CR June 18 $100 $1,750 CR June 20 Cheque # 104 Deposit Cheque # 103 $300 $2,050 CR June 20 $950 $1,100 CR June 20 $200 $900 CR Cheque # 106 Cheque # 107 June 24 $100 $800 CR June 26 Direct Deposit - M. Lees $100 $900 CR June 30 Bank fees $30 $870 CR Required: 1. Revise the cash receipts and the cash payment journals and prepare the revised cash receipts and cash payment journals for month of June (8 marks). 2. Prepare the balance as per company cash at bank account for month of June (this is also called the bank ledger) (1.5 marks) 3. Prepare a bank reconciliation statement as of 30 June (3 marks). 4. Record any required adjusting entry (0.5 marks). You may want to use the following templates to prepare your answer: Revised cash receipts journal Date Details $ Total revised cash receipts for June (7 x 0.5 marks = 3.5 marks) Revised cash payments journal Date Details $ Total revised payments for June (9 x 0.5 marks = 4.5 marks) Balance as per company cash at bank account for month of June Date Details Debit Credit Balance June 01 Balance June 30 Revised cash receipts June 30 Revised cash payments June 30 Closing balance (3 x 0.5 marks = 1.5 marks) Jeune de Winner bank reconciliation statement as of 30 June Credit balance as per bank statement Add outstanding deposit Date $ $ $ Deduct unpresented cheques Cheque number $ $ $ $ les en Debit balance as per ba ledger $ (bank ledger = balance as per company cash at bank account) (6 x 0.5 marks = 3 marks) Date Account Debit Credit (2 x 0.25 marks = 0.5 marks)
