Q.1.1 Record any differences identified in the bank reconciliation process in a supplementary cashbook  receipts and payments with columns for details and amount. Begin with the totals before any amendments.  Q.1.2 Open, post to and balance the bank account in the general ledger. Q.1.3 Compile the bank reconciliation statement as at 31 January 2020.

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 1PB
icon
Related questions
Question

Additional information:

1) Cheque no.CQ221 is now stale and must be cancelled.  

2) The bank has recorded cheque CQ311 at the incorrect amount.

3) The deposit corresponding with DS208 was credited on the bank statement at the correct amount of R 15 430.

4) The bank statement reflects a direct deposit (R 24 860) on 30 June, this was from tenant, K. Moody for his January rent.

5) The debit order of R 3 420, reflected on the bank statement, was in favour of Cellfirst who is the business’s cellphone provider.

6) The direct deposit on 20 January was a dividend received from XY Capital.

7) Cheque no CT402 was incorrectly debited to the business bank account.

8) The debit order in favour of Sky Wise is in favour of monthly fibre costs.

9) The debit order in favour of JB Properties is for the business rent expense.

10) CQ313 was incorrectly debited twice on the bank statement.

Required: Use the information given above to complete the following for January 2020:

Q.1.1 Record any differences identified in the bank reconciliation process in a supplementary cashbook  receipts and payments with columns for details and amount. Begin with the totals before any amendments. 

Q.1.2 Open, post to and balance the bank account in the general ledger.

Q.1.3 Compile the bank reconciliation statement as at 31 January 2020.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Interim financial reporting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage