The treasurer of the Cranbury School Fund is attempting to reconcile the balance shown in the cash book with that appearing on the bank statement. According to the cash book, balance on 31 May 2022 was RM1,900 whilst the bank statement disclosed an overdrawn amount of RM450. Upon investigation, the treasurer discovered the following errors: 1) A cheque paid to Teak Limited for RM340 had been entered in the cash book as RM430. Cash paid into the bank for RM100 had been entered in the cash book as RM90. III) A transfer of RM1,500 to the Midlands Savings Bank has not been entered in the cash book. iv) A receipt of RM10 shown on the bank statement had not been entered in the cash book. Cheques drawn amounting to RM40 had not been paid into the bank. vi) The cask book balance had been incorrectly brought down at 1 June 2021 as a debit balance of RM1,200 instead of a debit balance of RM1,100. vii) Bank charges of RM20 do not appear in the cash book. viii) Receipts of RM900 paid into the bank on 31 May 2022 do not appear in the bank statements until 1 June 2022. ix) A standing order payment of RM30 had not been entered in the cash book x) A cheque of RM50 previously received and paid into the bank had been returned by the subscriber's bank marked account closed". xi) The bank received a direct debit of RM100 from an anonymous subscriber. Required: (a) Prepare an adjusted cash book as at 31 May 2022. (12 marks) (b) Prepare a bank reconciliation statement as at 31* May 2022. (8 marks) (c) Explain any TWO (2) importance of preparing the bank reconciliation statement