Question 3 (15 marks) The Cash account of Aries Limited ("Aries') indicated a balance of $31,500 as at 31 December 20X9. However, the bank statement for 31 December 20X9 from Kowloon Bank showed a balance of $23,500. After comparing the Cash account with the bank statement, the following information is identified: 1 The following cheques, issued on 29 and 31 December 20X9, were presented by the payees to the bank for payment on 5 January 20X0: Date Cheque no. Amount ($) 29 December 20X9 202011 3,000 31 December 20X9 202013 4,500 2 A customer, Sage Company Limited, deposited $12,000 directly to the bank account of Aries on 30 December 20X9 for settlement of the sales amount. A credit advice from the bank was received on 2 January 20X0. 3 A Bank charge of $500 was deducted by the bank on 30 December 20X9, for the banking facilities provided. 4 Aries had a direct debit instruction to Kowloon Bank Limited to transfer $11,500 on the last day of each month from its bank account to the landlord for payment of rent. No record was made in the Cash account. 5 Aries deposited the following cheques to the bank on 31 December 20X9, which were only cleared on 3 January 20X0: Date Cheque from Amount ($) 30 December 20X9 Thor Company 7,500 31 December 20X9 Fennir Limited 8.800 6 A cheque of $2,100 was recorded in the Cash account of Aries as $1,200. The amount was correctly shown on the bank statement. 7 The bank statement showed a bank charge of cancelling a cheque of $100, which was not found in the Cash account. Required: Prepare the bank reconciliation as at 31 December 20X9