(b) | Sunny Light House | ||
Bank Reconciliation | |||
March 31, 2019 | |||
Ending Balance per Books | 7,350 | ||
Additions: | |||
Dividend Received | 118 | ||
Tax Refund | 3,640 | ||
3,758 | |||
11,108 | |||
Deductions: | |||
Telephone and Communication Exp. | 435 | ||
Bank Charges | 70 | ||
Error in Recording | 36 | ||
Insurance Expense | 250 | ||
NSF Cheque | 610 | 1,401 | |
Adjusted balance | 9,707 | ||
Ending Balance per Bank | 9,388 | ||
Additions: | |||
Deposits in transit | 1,299 | ||
10,687 | |||
Deductions: | |||
Outstanding checks | 980 | ||
Adjusted balance | 9,707 | ||
(c) | For accounting perspective, the internal control procedures which are important | ||
in managing cash and bank items for the company are - | |||
1. Account for all cash transactions accurately so that correct information is available | |||
regarding cash flows and balances. | |||
2. The entire process of cash and bank related transactions or activities must be | |||
reviewed by upper level management to ensure that every person is complying | |||
with their responsibilities. | |||
(d) | This cheque should be not be considered as uncleared cheque, because this cheque yet | ||
not presneted in bank for clearance as it have post date of 15 May. In the accounting books | |||
of both the issuer and the recipient, the transaction will not be recorded until the date provided | |||
on the cheque. | |||
Question: Sunny Light House operates in Petaling Jaya. The company sells lights for interior decorations for...
Infrastructure University Kusla Lumpur Bachelor of Accountancy (Hons) Sem: Sept/Oct 2019 ACCT 1121 Financial Accounting I Assignment (Bank Reconciliation) CLO2.PL.02 Instructions: This is a group assignment (Min2, Max 3). Your answers should be in handwritten Submission: Attach the Question Paper together with your answer Use the Cover Page attached • Question: Sunny Light House operates in Petaling Jaya. The company sells lights for interior decorations for offices. The company has a business account with MyBank Bhd. On 31 March 2019,...