Question 2: Part A The cash transactions and cash balances of Umair Inc., for September were as follows: 1. The ledger account for Cash showed a balance at September 30 of Rs. 19200. 2. The September bank statement showed a closing balance of Rs. 15,300. 3. The cash received on September 30 amounted to Rs. 4,100. It was left at the bank in the night depository chute after banking hours on September 30 and therefore was not recorded by the bank on the September statement. 4. September bank statement was a debit memorandum from the bank for Rs. 325 representing service charges for September. 5. A credit memorandum enclosed with the September bank statement indicated that a non-interest- bearing note receivable for Rs. 2,000 from Farhan Brothers Inc., left with the bank for collection, had been collected and the proceeds credited to the account of Umair Inc. 6. Comparison of the paid checks with the entries in the accounting records revealed that check no. 12 for Rs. 600, issued September 17 in payment for computer equipment, had been erroneously entered in Umair's records as Rs. 500. 7. Examination of the paid checks also revealed that three checks, all issued in September, had not yet been paid by the bank: no. 117 for Rs. 350; no. 919 for Rs. 1250, no. 222 for Rs. 1200. 8. Included with the September bank statement was a Rs. 4175 check drawn by Ali a customer of Farhan, Inc. This check was marked NSF. It had been included in the deposit of September 27 but had been charged back against the company's account on September 30. Required: You are required to prepare a bank reconciliation statement for the month of September, 2020. Part B Importance of bank reconciliation statement for education industry