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QUESTION FOUR ( 1 5 MARKS ) REQUIRED Using the information presented below: 4 . 1 Calculate the correct totals for the Cash Receipts Journal
QUESTION FOUR
MARKS
REQUIRED
Using the information presented below:
Calculate the correct totals for the Cash Receipts Journal and Cash Payments Journal on June marksPrepare the bank account in the general ledger on June marks
Prepare the Bank Reconciliation Statement as at June marks
INFORMATION
The following information has been taken from the accounting records of Jumbo Traders.
Extract from the Bank Reconciliation Statement on May
tableDebit,CreditBalance per bank account,Outstanding deposits,,Outstanding EFT's:,No No No No Balance per bank statement,,
The balance on the Bank statement on June was Rfavourable
The cash journals had the following totals on June before the Bank Reconciliation was completed:
tableCash receipts,RCash payments,R
The following items appeared on the Bank Statement for June but not in the cash journals for June
EFT numbers and
Deposit of R
A direct deposit of R was made by a tenant for her July rent.
Bank charges of R
A debit card payment of R to purchase new windscreen wipers for the vehicle
Interest on credit balance of R
The following items appeared in the Cash Journals for June but not on the Bank Statement
EFT number for stationery bought amounting to R
EFT number for petrol for the owner's private vehicle worth R
A deposit of R from a customer
The following errors were noted when preparing the Bank Reconciliation Statement for June
EFT number was incorrectly recorded in the Cash Payment Journal for May The correct amount of R appears on the Bank Statement for June
EFT number was incorrectly recorded in the Cash Payments Journal for May The correct amount of R appears on the Bank Statement for June
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