Question Three At the end of July 2019 the cashbook summary shows a balance of $56,000. Subsequently, the following discoveries were made: 1. Cheque issued to Mr. Cooper, a supplier, for $8,000 was presented for payment after July 31, 2019. 2 The following cheques were issued by the business for $6,000, $8,000 and $14,000 respective however; the cheque for $8,000 was not presented to the bank until August 3, 2019. 3. A cheques of $6,000 was issued to RTBC Ltd. but was not recorded in the cash book. 4 A cheque for $2,000 was deposited on the 31 of July but was not credited to the bank statement until after July 31. 5. Four cheques were deposited for $20,800, $8,000, $4,000 and $12,800 respectively but the cheque for $12,800 was credited in the bank statement on August 2, 2019. 6. Received a cheque for $8,000, however, it wasn't recorded in the cash book 7. The Bank credited the bank statement on July 20 for interest $1,200 and on July 25th debited the bank statement for interest $ 400. These transactions have not been recorded in the cash book 8. Bank charges $ 40 for new Cheque book issuance was entered twice in the cash book. 9. Dishonored Cheque for $8,000 was not adjusted for in the cash book 10. Cheque for payment to Mach's Catering for $10,000 was mistakenly entered on the debit side of the cashbook as $100. 11. The balance in the cash book should have been 560,000 and not $56,000 12. A standing order payment of $3,200 to NHT has been recorded in the bank statement but is not mentioned in the cash book You are required to A. L Prepare the adjusted cash book (15 marks) b. Prepare the bank reconciliation statement for July 31, 2019 (10 marks) What is the purpose of the bank reconciliation statement? (5 marks)