Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 4 - [22 MARKS] Raymond Company's cheque book ledger lists the following in $ for the month ending 30 June 20X0. Date Cheque number

QUESTION 4 - [22 MARKS]

Raymond Company's cheque book ledger lists the following in $ for the month ending 30 June 20X0.

Date

Cheque number

Description

Cheque

Deposit

Balance

1

4,000.00

4

722

Golf club

400.00

3,600.00

9

dividend received

2,000.00

5,600.00

13

723

food supplies

700.00

4,900.00

14

724

electricity

1,500.00

3,400.00

18

725

cash

500.00

2,900.00

26

726

stationery

800.00

2,100.00

28

727

rent

1,500.00

600.00

29

Service revenue

3,000.00

3,600.00

30

3,600.00

Raymond Company's bank statement shows the following in $ for the month ending 30 June 20X0

Date

Transaction description

Cheque number

Debit (withdrawal/charge)

Credit (Deposit)

Balance

1

4,000.00

10

Dividend from XYZ

2,000.00

6,000.00

4

722

400.00

5,600.00

14

723

700.00

4,900.00

15

724

150.00

4,750.00

19

725

500.00

4,250.00

28

Printed cheques

100.00

4,150.00

29

Service charge

80.00

4,070.00

30

4,070.00

Additional information: The correct expense of cheque 724 as shown on the bank statement.

Part A: Prepare a reconciliation starting with the cash book balance and ending with the adjusted cash book balance as at 30 June 2020 - [8 marks]

Part B: Prepare the bank reconciliation starting with the bank statement balance and ending with the adjusted cash book balance as at 30 June 2020 - [8 marks]

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

Managerial Accounting

Authors: Karen BraunWendy Tietz

3rd Edition

0132890542, 978-0132890540

More Books

Students also viewed these Accounting questions