The following information was extracted from the accounting records of Platinum Traders. REQUIRED 3.1 Prepare the Bank account in the Ledger of Platinum Traders showing the entries that would have been made in the Cash Journals. Show clearly the contra account for each entry. Balance the Bank account. The Cash Journals are not required. Use the following format. BANK 2018 Mar 31 Balance b/d (13 marks) 3.2 Prepare the Bank Reconciliation Statement as at 31 March 2018. (7 marks) INFORMATION A comparison of the bank statement for March 2018, received from Redd Bank, with the March cash journals and the bank reconciliation statement as at 28 February 2018 revealed the following which must be taken into account: 1. On 28 February 2018 the Bank Account in the General Ledger reflected a credit balance of R39 600 whilst the balance in the Bank Statement was R33 600 debit. The difference in the balances was due to the following: 1.1 Cheque numbers 43 and 75 for R1 200 and R8 000 respectively were not presented for payment at the bank during 28 February 2018. 1.2 A deposit for R3 200 on 28 February 2018 appeared in the Cash Receipts Journal only. 2. The deposit made by Platinum Traders on 28 February 2018, R3 200, was credited in the bank statement for March 2018. 3. Cheque no.43, issued to BB Wholesalers for equipment, is now stale. A cancellation entry is required in the books of Platinum Traders. A new cheque was due to be issued on 03 April 2018. Cheque no. 75 did not appear in the Bank statement for March 2018. 4. The bank account in the ledger had a credit balance of R31 200 on 31 March 2018 before the bank statement was received. The bank statement reflected a debit balance of R23 840 on 31 March 2018. 5. 6. 7. 8. Redd Bank made an electronic fund transfer for interest on fixed deposit into the account of Platinum Traders, R3 600. Cheque no. 78 issued to MB Wholesalers for trading inventory was incorrectly recorded in the Cash Payments Journal as R7 200. The bank statement reflected the correct amount of R4 320. A debit order in favour of KMS Insurers for the insurance premium of the personal vehicle of the proprietor has not been recorded in the relevant cash journal, R1 200. The bank statement revealed the following charges: Service fees R480 Cash deposit fee R320 Credit card commission R1 200 Interest on overdraft R200 A cheque for R3 800 from a debtor, J. Henry, was returned by the bank because there were insufficient funds in his account. A deposit made by Platinum Stationers, R2 400, was credited on the bank statement of Platinum Traders in error. A deposit made by Platinum Traders on 31 March 2018, R9 600, did not appear in the bank statement for March. The following cheques issued during March 2018 were still not presented to the bank for payment: Cheque no.84, R2 800 Cheque no.86, R3 280. 9. 10. 11. 12