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- 1.10 N Minajo received an electronic funds transfer (EFT) of R4 500 from A Grand, a debtor, in full settlement of her account of R5 000. Both Minajo and Grand are not registered as VAT vendors. Which of the following is the correct option to record the receipt in the accounting records of N Minajo? A)Debit bank account (R5 000). credit debtors' control (R4 500), and credit settlement discount granted account (R500). B)Debit bank account (R4 500), credit debtors control (R5 000), and debit settlement discount received account (R500). C)Debit debtors' control (R5 000), credit bank account (R 4 500), and credit settlement discount received account (R500). D)Debit bank account (R4 500). credit debtors' control account (R5 000), and debit settlement discount granted account (R500).Question 2 The following information was taken from the books of Zia Traders on 30 June2019:1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques:CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June: Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was…The following information was taken from the books of Zia Traders on 30 June2019: 1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques: CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June: Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally…
- The following information was taken from the books of Zia Traders on 30 June2019:1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques: CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June: Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally…The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014CashDate Item Jrnl. Ref. Debit Credit BalanceApril 1 Balance 13,911April 30 CR.6 10,672 24,583April 30 CR.11 10,924 13,659On April 30, 2014, Silver Maple Art Gallery received the following bank statement:Bank Statement for April 2014Beginning Balance $13,911Deposits & Other Credits:April 1 $ 300 EFTApril 4 4,174April 9 501April 12 559April 17 2,187April 22 1,300 BCApril 23 1,854 10,875Checks & Other Debits:April 7 (cheque no. 3113) $ 891April 13 (cheque no. 3115) 1,390April 14 900 USApril 15 (cheque no. 3114) 147April 18 (cheque no. 3116) 664April 21 200 EFTApril 26 (cheque no. 3117) 1,472April 30 (cheque no. 3118) 1,000April 30 20 SC (6,684)Ending Balance $18,102Explanations: EFT – electronic funds transfer; BC – bank collections; US – unauthorizedsignature; SC – service charge.Additional data for the bank reconciliation:a. The EFT deposit was a receipt of rent. The EFT debit was an…Mr. P's bank statement dated 31.12.2021 showed a balance with his Bank of $924, when checked with his Cash Book the following were noted :(a) During December, the Bank had paid $200 for a yearly contribution of Mr. P made to a local charity, as per his standing order. This amount appeared in the Bank statement but not in the Cash Book.(b) The Bank had credited his account with $28 interest and had collected on his behalf `$230 as dividends. No corresponding entries were made in the Cash Book.(c) A cheque of $65 deposited into the Bank on 28.12.2021 was not cleared by the Bank till after 31.12.2021(d) A cheque of $150 deposited into and cleared by the Bank before 31.12.2021 was not entered in the Cash Book, through an oversight.(e) Cheques drawn by and posted to parties by Mr. White on 31.12.2021 for $73, $119 and $46 were presented for payment to the Bank only on 3.1.2021.
- 2. The bank column in the cash book for June 2020 and the bank statement for that monthfor Haris are as follows: Cash Book (Bank Account only) 2020 RM 2020 RMJune 1 Balance b/d 1,410 June 5 Laila 1807 Juju 62 12 Razi 51916 Mei 75 16 Silvia 4128 Fafau 224 29 Dovan 2230 Gopal 582 31 Balance c/d 1,5912,353 2,353 Bank Statement Date Items Debit Credit BalanceJune 1 Balance b/d 1,4107 Cheque 62 1,4728 Lily 180 1,29216 Cheque 75 1,36717 Razi 519 84818 Silvia 41 80728 Cheque 224 1,03129 SLM Standing Order 52 97930 Lisa : Trader’s Credit 64 1,04330 Bank charges 43 1,000 Required: b) Prepare the bank reconciliation statement as at 30 June 2020.Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…2. The bank column in the cash book for June 2020 and the bank statement for that monthfor Haris are as follows: Cash Book (Bank Account only) 2020 RM 2020 RMJune 1 Balance b/d 1,410 June 5 Laila 1807 Juju 62 12 Razi 51916 Mei 75 16 Silvia 4128 Fafau 224 29 Dovan 2230 Gopal 582 31 Balance c/d 1,591 2,353 2,353 Bank Statement Date Items Debit Credit BalanceJune 1 Balance b/d 1,4107 Cheque 62 1,4728 Lily 180 1,29216 Cheque 75 1,36717 Razi 519 84818 Silvia 41 80728 Cheque…
- 17. In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: Balance per bank statement, 8/31/22, P18, 050 Deposit in transit, 8/31/22,P3, 250 Return of customer’s check for insufficient funds, 8/29/22, P600 Outstanding checks, 8/31/22, P2, 750 Bank service charges for August, P100 Check disbursement recorded in August (correct amount is P5,000), P500 AA deposited P15,000 in August but credited by bank at, P1,500 What is the unadjusted balance per book on August 31, 2021?1 On 31st March, 2016 the pass book of Mr.Menon's Current Account showed a credit balance of 20000. Prepare Bank reconciliation statement a) Mr.Menon issued a cheque of 300 on 25th March but this was not presented for payment whereas this was recorded twice in the cash book. b) A cheque of 200 drawn on his savings deposit account has been shown as drawn on the current account in the cash book. c) A cheque of 285 issued on 28th March, was entered in the cash column. d) In the pass book, a bank charge of 25 was recorded twice while another bank charge of 17 was not recorded in the cash book. e) Bank paid LIC premium of 1500 as per standing instructions.You work for Ang Tindahan Company. You were tasked to prepare the deposit slips,withdrawal slip and bank check for today, March 28, 2017. You will use thecompany’s Lucky Bank accounts. Deposit checking account number 000123456789. The deposits are composed of the following: Cash deposit of 145,670- composed of 100 pieces of 1,000 bills, 80 pieces of 500 bills, 25 pieces of 200 bills, 6 pieces of 100 bills, 1 piece each of 50 and 20 bill. Check deposit of 567,890 – composed of 3 checks.- BPI- Katipunan branch with check number 00056743 for 233,670.- Union Bank-Ortigas branch with check number 00087654 for 125,688- BDO-Greenhills branch with check number 00056799 for 206,532.You were also tasked to prepare the withdrawal slip and check to be signed by the company president and treasurer. Prepare a withdrawal slip from bank account #000123456792 for the amount of 543,900. This will be used to pay the employee payroll for March 31. Required: Use the deposit slips, withdrawal slips and…