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Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books RM135,740 RM136,800 Per bank Balance, 1 August August receipts August credits August disbursements August debits 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487

Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books RM135,740 RM136,800 Per bank Balance, 1 August August receipts August credits August disbursements August debits 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books Per bank Balance, 1 August August receipts August credits August disbursements August debits RM135,740 RM136,800 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487 Analysis was done by the accounts executive and reveals that the credits consists of RM62,400 of August deposits and a credit memorandum of RM32 due to bank interest received. The August debits per bank consist of cheques cleared RM54,700 and a debit memorandum of RM45 for printing additional company cheques. The following crrors were discovered involving August cheques: A cheque no. BR5006 for RM230 paid to a creditor on account was cleared by the bank but was taken up the book at RM320. The actual amount was RM230. A bank payment to employees for salaries was recorded in the book as RM155 but was recorded by the bank at RM325. After further checking, it was found that the actual amount cleared by the bank was RM325. a. b. At the end of August 2021, the accounts executive found that a cash deposit of RM5,000 is still in transit and the following cheques that are still outstanding are as follows:| Cheque no. RM BR5113 1,000 BR5122 1,200 BR5125 2,000 You are assigned to assist the accounts department and are given the following tasks: i. Prepare bank reconciliation as at 31 August 2021. Show working is optional. Journalise all adjusting entries for Lee Partnership Limited. Assume that interest revenue has not been taken up. ii.
Transcribed Image Text:Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books Per bank Balance, 1 August August receipts August credits August disbursements August debits RM135,740 RM136,800 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487 Analysis was done by the accounts executive and reveals that the credits consists of RM62,400 of August deposits and a credit memorandum of RM32 due to bank interest received. The August debits per bank consist of cheques cleared RM54,700 and a debit memorandum of RM45 for printing additional company cheques. The following crrors were discovered involving August cheques: A cheque no. BR5006 for RM230 paid to a creditor on account was cleared by the bank but was taken up the book at RM320. The actual amount was RM230. A bank payment to employees for salaries was recorded in the book as RM155 but was recorded by the bank at RM325. After further checking, it was found that the actual amount cleared by the bank was RM325. a. b. At the end of August 2021, the accounts executive found that a cash deposit of RM5,000 is still in transit and the following cheques that are still outstanding are as follows:| Cheque no. RM BR5113 1,000 BR5122 1,200 BR5125 2,000 You are assigned to assist the accounts department and are given the following tasks: i. Prepare bank reconciliation as at 31 August 2021. Show working is optional. Journalise all adjusting entries for Lee Partnership Limited. Assume that interest revenue has not been taken up. ii.
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