a) The Bank account in the ledger of Umdoni stores:
| Date | Details | Debit (R) | Credit (R) | Balance (R) |
|-------------|----------------------------|-----------|------------|--------------|
| | Opening balance | | | 5,000 |
| 30-Sep-20.22| Outstanding deposit | | | 25,500 |
| | | | | |
| | Total | | | 25,500 |
| | | | | |
| 31-Oct-20.22| Deposits | | 11,300 | 36,800 |
| | Rent income | | 3,600 | 40,400 |
| | Service fees | | 350 | 40,050 |
| | EFT payment from receivable| | 4,300 | 44,350 |
| | EFT payment | 14,600 | | 29,750 |
| | Interest on overdraft | | 100 | 29,650 |
| | | | | |
| | Total | 14,600 | 19,650 | |
b) Bank Reconciliation Statement on 31 October 20.22:
Balance as per Cash Book (6,500)
Add: Outstanding deposit on 30 September 20.22 20,500
Less: Deposit not in bank statement (11,300)
Less: Rent income not in Cash Book (3,600)
Add: Service fees not in Cash Book 350
Add: Interest on overdraft not in Cash Book 100
Less: EFT payment not in bank statement (6,200 + 8,400) 14,600
Adjusted Cash Book Balance (7,250)
Balance as per Bank Statement (4,794)
Add: Rent income from T. Nene 3,600
Less: Outstanding deposit on 30 September 20.22 (20,500)
Add: EFT payment received 4,300
Adjusted Bank Statement Balance (17,394)
Bank Reconciliation:
Balance as per Bank Statement 4,794
Less: Adjustments:
Rent income from T. Nene (3,600)
Outstanding deposit on 30 September 20.22 (20,500)
EFT payment received (4,300)
Adjusted Bank Statement Balance (17,394)
Balance as per Cash Book (6,500)
Add: Adjustments:
Outstanding deposit on 30 September 20.22 20,500
Deposit not in bank statement 11,300
Service fees not in Cash Book 350
Interest on overdraft not in Cash Book 100
EFT payment not in bank statement 14,600
Adjusted Cash Book Balance 7,250
The Bank Reconciliation Statement for Umdoni stores on 31 October 20.22 reconciles the Cash Book balance of R7,250 with the Bank Statement balance of R17,394.
Question 9.3
You are provided with information relating to Umdoni Stores.
The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.22:
Balance per bank statement R5 000 Debit
Balance per Cash Book R6 500 credit
Outstanding deposit dated 30 September 20.22 R20 500
On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following were noted:
1. The Cash Book showed a credit balance of R5 956 while the bank statement reflected a favourable balance of R4 794 on 31 October 20.22.
2. The outstanding deposit of R20 500 on 30 September 20.22 appeared in the bank statement on 1 October 20.22.
3. A deposit of R11 300 appeared in the Cash book on 31 October 20.22 but not in the bank statement.
4. Rent income of R3 600 from T. Nene appeared on the bank statement but not in the Cash Book. T. Nene made a direct deposit at the bank.
5. Service fees of R350 appeared on the bank statement but not in the Cash book.
6. Interest on the bank overdraft of R100 appeared in the bank statement but not in the Cash book
7. An EFT payment made by a receivable for R4 300 on 31 October 20.22 appeared in the bank statement but not in the October Cash Book.
8. Two EFT payments appeared in the CPJ on 31 October 20.22, but not on the bank statement:
• R6 200
• R8 400
Required:
a) The Bank account in the ledger of Umdoni stores.
b) The Bank reconciliation statement on 31 October 20.22
1 answer
1 answer