Question 5 [21]

The following information was taken from the books of Flashlight Traders for October 2022 and November 2022: A. Bank Reconciliation Statement of Flashlight Traders at 31 October 2022 Details Amount Balance as per bank statement (favourable) R20 000 Outstanding EFT: EFT102 (R2 000) Outstanding deposits: DEP123 R2 500 Correction of bank error on deposit understated R1 000 Balance as per bank account (favourable) R21 500 B. EFT confirmation slips of Flashlight Traders for November 2022 Date EFT confirmation slip no. Amount 1 EFT 105 R1 500 13 EFT 106 R1 600 20 EFT 107 R1 700 29 EFT 108 R1 100 R5 900 C. Deposit slips of Flashlight Traders for November 2022 Date Deposit slip no. Amount 1 DEP124 R2 900 12 DEP125 R3 000 27 DEP126 R4 100 30 DEP127 R3 500 R13 500 D. Bank statement from RMB Bank for Flashlight Traders for November 2022 Date Description Debit (R) Credit (R) Balance (R) 1 Balance R20 000 Cr 1 Deposit 123 R2 500 R22 500 Cr ASSIGNMENT 2023 FIRST SEMESTER ACN100 ACCOUNTING FOR MANAGERS I Page 7 of Assignment 1 EFT 102 R2 000 R20 500 Cr 1 EFT 105 R1 500 R19 000 Cr 1 Deposit 124 R2 900 R21 900 Cr 2 Correction of error on deposit R1 000 R22 900 Cr 12 Deposit 125 R3 000 R25 900 Cr 13 EFT 106 R1 600 R24 300 Cr 13 EFT 106 R1 600 R22 700 Cr 20 EFT 107 R1 700 R21 000 Cr 26 Direct deposit R1 850 R22 850 Cr 27 Deposit 126 R1 400 R24 250 Cr 28 Bank charges R500 R23 750 Cr 29 Interest on credit balance R800 R24 550 Cr 30 Debit order Insurance R5 000 R19 550 Cr E. Additional information: The bank corrected the understated deposit from the previous month. EFT 106 was accidentally debited twice on the bank statement. Deposit 126 was incorrectly captured by the bank as R1 400. The mistake has not yet been corrected. The following have not yet been recorded in the Cash Journals: o Bank charges R500 o Interest on credit balance R800 o Debit order for the insurance premium R5 000 The direct deposit on 26 November was from a debtor, B. Attery, in settlement of her account. The totals before the adjustments are: o CRJ R12 400 o CPJ R4 800 Required: 5.1 Record any differences identified in the bank reconciliation process in the supplementary Cash Receipts Journal and Cash Payments Journal at month end. (8) 5.2 Open, post to and balance the bank account in the General Ledger. (7) 5.3 Prepare the bank reconciliation statement as at 30 November 2022. (6)