Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 (Marks: 15) PSG Champs Limited has a 28 February 2020 year end. The following balances were extracted from their books: Cashbook balance R85

image text in transcribed

Question 6 (Marks: 15) PSG Champs Limited has a 28 February 2020 year end. The following balances were extracted from their books: Cashbook balance R85 600.00 Bank Statement R35 800.00 1. The following cheques were in the cashbook but not on the bank statements: Cheque #777 dated 30 December 2019 for R6 500.00 has gone stale Cheque #444 dated 24 February 2020 for R7 800.00 2. Received a proof of payment from a client on the 28th of February for R45 800.00, this amount has been included in the cash book but not in the bank statement: 3.Cash deposit of RS 000.00 was received on the 27" of February 2020, the cashbook clerk correctly accounted for this amount in the cashbook. 4. Bank charges of R800.00 were paid 5. The bank incorrectly deducted R570.00 from the bank statements. 6. Cheque number 888 payment for R7 895.00 was incorrectly accounted for as R7 985.00. 7. An amount of R8 940.00 was received in the bank of PSG from a client but was not accounted for in the cashbook Q.6.1 You are required to prepare the bank reconciliation of PSG Champs Limited. (10) 9.6.2 Prepare the cashbook of PSG Champs Limited

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

Sound Investing Uncover Fraud And Protect Your Portfolio

Authors: Kate Mooney

1st Edition

0071481826, 9780071481823

More Books

Students also viewed these Accounting questions

Question

=+Differentiate the key characteristics of a personal brand

Answered: 1 week ago

Question

1. What are the benefi ts of studying communication?

Answered: 1 week ago

Question

=+Discuss the key benefits and challenges of a personal brand

Answered: 1 week ago