The following bank statement for the business of J Rowling has just arrived from the bank: J ROWLING BANK STATEMENT AS AT 30 JUNE 2021 Date Particulars June 1 Balance 16 Deposit 18 Deposit Chq 152 19 Chq 153 Interest Debit Credit Balance 160.00 CR 120.00 280.00 CR 150.00 430.00 CR 39.00 391.00 CR 99.00 292.00 CR 25.00 267.00 CR Rowling's cash at bank shows the following: Cash at Bank June 1 Balance 160.00 June19 Chq 152 93.00 16 Peter 120.00 20 Chq 153 99.00 18 Thomas 150.00 22 Chq 154 19.00 24 Quinn 125.80 26 Chq 155 42.00 Bal 302.80 An error was found for cheque number 152. The business was found to be correct. Requirement 1 Why is Bank Reconciliation required? (2 marks) Requirement 2 Which two cheques listed in the question above are outstanding cheques (i.e. unpresented cheques)? Explain your answer (2 marks) Requirement 3 How to correct the bank error for cheque 152? (2 marks)