The following information was taken from the books of Phangiso Traders for May and June 2016 Bank reconciliation statement of Phangiso Traders as at 31 May 2016 Details Amount (R) Balance as per bank statement (unfavourable) 365 024 |Outstanding cheque: Cq896 (dated 25 November2 015) Shle 988 Outstanding cheque: Cq1182 (dated 25 May 2016) Outstanding cheque: Cq1183 (dated 27 May 2016) 15 980 23 968 Outstanding deposit: SLIP986 13 980 Correction of bank error on cheque Cq977 where RSA Bank understated the |amount of the cheque on the bank statement. 19 972 Balance as per bank account (unfavourable) 418 952 On comparing the cash journals for June 2014 and the bank reconciliation statement at 31 May 2016 with their bank state ment for June 2016, the bookkee per of Phangiso Traders identified the following: The provisional totals forthe cashbook (cash Journals) at 30 June 2016, before any amendments: Cashbook receipts R850 636 Cashbook payments R122 5165 All items appearing on the bank reconciliation statement at 31 May 2016 appeared on the June bankstatement, except for cheques no. Cq896 and no. Cq1182. Cq896 was previously made out to Shuttleworth Information Systems. / The following cheques dated 30 June 2016, were in the June cashbook payments, but did not appear on the June bank statement: Cq1192 amount R16 480 Cq1193 amount R10 476 The bank has recorded one of Phangiso Traders cheques (Cq1186) issued during 4 June 2016 as R560. On investigation by the bookkeeper it was found that the bank statementis incorrect and that the cheque was for R5 600 as correctly recorded in the cashbook payments. 5.A cheque (for R68 052) received from a debtor, H. Amla was returned by the bank marked - "Return to drawer". (R/D) 6.The bank statement reflects a direct deposit (R16024) on the 30h of June, this was from a debtor, F.du Plessis, in settlement of his account. 7The debit order of R9 972, reflected on the bank state ment, was in favourof Phone First who are the business's cellphone provider. 8. Cheque no. SAS20 (R11 584) was incorrectly debited to the business's account. 9.Cheque no. Cq1188 (R2 448) was erroneously debited twice on the bank statement. 10. he following deposit, were in the June cashbook receipts, but did not appear on the June bank statement SLIP991 amount R76 556 SLIP992 amount R187 140 11 Phangiso Traders recorded de posit (SLIP990) in the cash book receipts at R142 608, it appears on the bank statement at R144 608. On investigation by the bookkeeper it was found that the bank statement is correct. 12. The June 2016 bank statement also reflected bankcharges forthe month of R872 and interest charged on Phangiso Traders overdraftof R1 648, these entries have not yet been recorded by Phangiso Traders. 13. The bank statement reflected a credit balance of R5 136 on 30 June 2016. Required: Use the information taken fromthe books of Phangiso Traders to complete the following for June 2016: Q.1.1 Record any differences identified in the bank reconciliation process in a (9) supplementary Cashbook Receipts and Cashbook Payments with columns for details and amount only. You need not total the cashbooks. (Hint: Begin with the provisionaltotals before any amendments.) Q.1.2 Compile the Bank Reconciliation Statement as at 30 June 2016. (11