Question
The following information relates to the cash position of ACFS Pty Ltd. a financial services company. 1. General ledger Cash at Bank account balance as
The following information relates to the cash position of ACFS Pty Ltd. a financial services company. 1. General ledger Cash at Bank account balance as at 30 April 2020 showed a balance of $108,500. Z ACFS Pty Ltd Bank statement balance as at 30 April 2020 was $95850. 3. 30 April receipts amounting to $5960 remain outstanding on the bank statement. 4. Cheque 62 deposited for a receipt of accounts receivable, was correctly processed and credited by the bank for $1150. The amount entered into the cash receipts journal for Cheque #62 was for $1105. 5. 6. The bank statement shows that the bank has charged the business's account with annual credit card facility charge of $1000. A $2000 Direct Debit for payment to the ATO was incorrectly debited to the bank account of ACFS Pty Ltd. 7. Cheques issued which have not been presented total $3200. a A $6935 cheque was returned marked dishonoured. The cheque had been received from S. Damon, a new customer. Required a) Prepare a bank reconciliation at 30 April 2020 based on the provided information. (4 Marks) b) Journalise the entries required by the reconciliation (5 marks) Narrations are required (Type your response directly into the text box below. Alternatively, you may draft your response in Excel or Word and upload as an attachment into the Files section underneath))
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