The following is a summary of Benny Trading's Cash Book for the month of August 2021. Cheque No Cr Dr 2021 Aug 1 Balance 3 Rent 14 Andy 22 Terry 31 Tim Trading 2021 4.800 Aug 4 Raymond 3,060 18 King Co. 830 21 Repairs exp 2,400 30 Betty 600 121 122 124 125 1,600 4,268 1,230 5.100 Credit balance $508 The Bank Statement received for August 2021 showed the following: Payments Receipts 2021 $ $ Aug 1 Balance 2 Error corrected 28 July 90 5 Cash 3,060 6 Cheque 121 1,600 5 Cheque 120 100 11 Direct debit - Tax 2.628 16 Andy 830 18 Andy - Refer to drawer 830 21 Standing order 1,180 23 Cheque 124 1,320 24 Terry 2,400 27 Credit transfer - Lee 935 31 Interest 144 Balance $ 4,990 4,900 7,960 6,360 6,260 3,632 4,462 3,632 2,452 1,132 3,532 4,467 4,323 Additional information: It was discovered that cheque 124 was entered wrongly in the cash book but correctly in the bank statement Required: (a) Bring the cash book up to date. Calculate the updated balance on 31 August 2021 and state whether it is a debit or credit balance. Prepare a statement to reconcile the difference between your amended cash book balance and the balance in the bank statement on 31 August 2021. c) State the amount of the bank balance which would appear in Benny Trading's Statement of Financial Position as at 31 August 2021. 3 The following is a summary of Benny Trading's Cash Book for the month of August 2021. Cheque No Cr Dr 2021 Aug 1 Balance 3 Rent 14 Andy 22 Terry 31 Tim Trading 2021 4.800 Aug 4 Raymond 3,060 18 King Co. 830 21 Repairs exp 2,400 30 Betty 600 121 122 124 125 1,600 4,268 1,230 5.100 Credit balance $508 The Bank Statement received for August 2021 showed the following: Payments Receipts 2021 $ $ Aug 1 Balance 2 Error corrected 28 July 90 5 Cash 3,060 6 Cheque 121 1,600 5 Cheque 120 100 11 Direct debit - Tax 2.628 16 Andy 830 18 Andy - Refer to drawer 830 21 Standing order 1,180 23 Cheque 124 1,320 24 Terry 2,400 27 Credit transfer - Lee 935 31 Interest 144 Balance $ 4,990 4,900 7,960 6,360 6,260 3,632 4,462 3,632 2,452 1,132 3,532 4,467 4,323 Additional information: It was discovered that cheque 124 was entered wrongly in the cash book but correctly in the bank statement Required: (a) Bring the cash book up to date. Calculate the updated balance on 31 August 2021 and state whether it is a debit or credit balance. Prepare a statement to reconcile the difference between your amended cash book balance and the balance in the bank statement on 31 August 2021. c) State the amount of the bank balance which would appear in Benny Trading's Statement of Financial Position as at 31 August 2021. 3