QUESTION FOUR

$(15$ MARKS$)$

REQUIRED

Using the information presented below:

$4\mathrm{.}1$Calculate the correct totals for the Cash Receipts Journal and Cash Payments Journal on $30$ June $2022.(6$ marks$)4\mathrm{.}2$Prepare the bank account in the general ledger on $30$ June $2022.(4$ marks$)$

$4\mathrm{.}3$Prepare the Bank Reconciliation Statement as at $30$ June $2022.(5$ marks$)$

INFORMATION

The following information has been taken from the accounting records of Jumbo Traders.

${?}_1$ Extract from the Bank Reconciliation Statement on $31$ May $2022$

$\backslash$table$[[,$Debit,Credit$],[$Balance per bank account,$15600,],[$Outstanding deposits,,$8800],[$Outstanding EFT's:,$5900,],[$No $175,1750,],[$No $231,7350,],[$No $240,5500,27300],[$No $245,36100,36100],[$Balance per bank statement,,$],[,,]]$

The balance on the Bank statement on $30$ June $2022$ was R$11892($favourable$)$

The cash journals had the following totals on $30$ June $2022,$ before the Bank Reconciliation was completed:

$\backslash$table$[[$Cash receipts,R$20420],[$Cash payments,R$29070]]$

The following items appeared on the Bank Statement for June $2022,$ but not in the cash journals for June $2022$

EFT numbers $231$ and $240$

$.$ Deposit of R$8800$

A direct deposit of R$3500$ was made by a tenant for her July $2022$ rent.

$.$ Bank charges of R$260$

A debit card payment of R$250$ to purchase new windscreen wipers for the vehicle

$.$ Interest on credit balance of R$52$

The following items appeared in the Cash Journals for June $2022$ but not on the Bank Statement

EFT number $260$ for stationery bought amounting to R$2300$

EFT number $261$ for petrol for the owner's private vehicle worth R$1700$

$.$ A deposit of R$750$ from a customer

The following errors were noted when preparing the Bank Reconciliation Statement for June

EFT number $175$ was incorrectly recorded in the Cash Payment Journal for May $2022.$ The correct amount of R$2300$ appears on the Bank Statement for June $2022$

EFT number $245$ was incorrectly recorded in the Cash Payments Journal for May $2022.$ The correct amount of R$10450$ appears on the Bank Statement for June $2022$