Question 4 The following are the cash-book and bank statement of P. Thomas for the month of November 2022. Bank Columns Only Cash Book 2022 $ November 1 balance b/d 2,379 November November 7 B Green November 16 A. Silver 158 November 12 93 November 28 M. Brown 307 November November 29 November 30 K Black 624 November 52628 D. Blake 150 J. Gray 433 16 B. Stephens 88 Sams Club 57 30 balance c/d 2.833 3.561 3,561 December 1 balance b/d 2,833 Bank Statement SS Dr. Cr. Balance $ $ November 1 balance b/d 2,379 November 7 cheque 158 2,537 November 8 November D. Blake 150 2,387 16 Cheque 93 2,480 November 17 November 18 J. Gray 433 2,047 B. Stephens 88 1,959 November 28 Cheque 307 2,266 November 29 Standing order 44 2,222 November 30 Johnson: trader's credit 90 2,312 November 30 Bank charges 70 2,242 Required: A. A revised cashbook for P. Thomas for the month of November B. Prepare a bank reconciliation statement starting with the bank balance. (8 marks) (8 marks) C. Give FOUR (4) reasons why the cashbook balance maybe different from the Bank statement balance. (8 marks) 23/12 The Council of Community Colleges of Jamaica Page Explain the following terms: D. i. 11. Standing orders Direct Debits ACCT1101 (6 marks) Question 2 The following trial Balance was extracted from the books of Valiant Enterprise on 31 December 2022: Trial Balance as at 31 December 2022 Capital (1 January 2022) Drawings Debit $ 1675 Credit $ 30 000 Stock (1 January 2022) 13.000 Purchases 60 000 Debtors 3 800 Creditors 4 490 Sales 80 800 Premises 25 000 Office Equipment 3.500 Bank 1655 Sales Returns 435 Purchases Returns 600 Salaries 6.000 Commission 2 700 Insurance 395 Advertising 1350 Carriage inwards 240 Carriage outwards 400 Discount allowed 230 Discount received 140 Bad debt 300 Water and Electricity 750 118 730 118 730 The following additional information is to be taken into account: i. Stock on 31 December 2022 was valued at $12 500 ii. Accrued salaries amounted to $500. iii. Prepaid insurance amounted to $125. iv. Office Equipment is to be depreciated at 20% per annum. V. Provision for doubtful debts at 5% of the debtors A/c is to be created. 23/12 The Council of Community Colleges of Jamaica Page 3