SECTION C: COMPULSORY (21 MARKS) Q3) Balance in the cashbook of Cisco Private Ltd as at 31/12/20 was 30,500. On the same date the balance as per the bank statement was 50,520. On examining the bank statement and the cash book, the following difference were observed. 1. Cheque paid to Jimmy for goods purchased totalling 520 was posted in error as 540 2. Cheque totalling 7,000 had been paid into the bank on 31/12/20 but were not credited by the bank until 01/01/21 3. Bank charges amount to 600 4. A standing order to T Murray of 800 had been paid by the bank but not entered in the cashbook 5. Interest income amounting 13,000 collected by the bank did not appear in the cash book 6. Amounts paid to suppliers but not presented for payment to the bank amount to 15,400 (11 Required 3a) Revised cash book for 31/12/20 after taking into account above adjustments marks) 3b) Bank reconciliation statement as at 31/12/20 (7 marks) 3c) What is the amount that is posted to the balance sheet? Under what account name? (2 marks) 3d) Briefly explain the importance of preparing bank reconciliation statement (2 marks)