Question

cial Accounti... x MANCOSA SHORT QUESTION (ESSAY / CASE STUDY / EXERCISE) MODULE FINANCIAL REPORTING AND ANALYSIS FUNDAMENTALS OF FINANCIAL ACCOUNTING TOTAL MARKS 20 MARKS QUESTION 1 BANK RECONCILIATION (20 MARKS) The information given below was extracted from the accounting records of Dweb Stores REQUIRED 1.1 Complete the Cash Recipes Journal and Cash Payments Journal of Dweeb Stores for March 2019 ortaking the information provided into account Use only the columns illustrated below. In the details column write down the name of the contra account Rent income Cash Receipts Journal

Answer 1

Ans.

1.1

Cash Receipt Journal
Details		Bank
Total	b/f	300,000.00
Debtor's a/c		6,000.00
Loan a/c		50,000.00
Fan Club		4,800.00
Total	c/f	360,800.00

Cash Payment Journal
Details		Bank
Total	b/f	350,000.00
Lessee		6,800.00
Drawings		3,800.00
Service Charges		1,500.00
Cash Deposit fee		1,000.00
Interest on Overdraft		100.00
Rainbow Supplier		1,000.00
Total	c/f	364,200.00

1.2

General Ledger		Bank a/c
Particulars	Amount	Particulars	Amount
To Debtor's a/c	6,000.00	By balance b/d	50,000.00
To Loan a/c	50,000.00	By Lessee's a/c	6,800.00
To Fan Club	4,800.00	By Drawings	3,800.00
		By service Charges	1,500.00
		By Cash Deposit fee	1,000.00
To Balance c/d	3,400.00	By Interest on Overdraft	100.00
		By Rainbow Supplier	1,000.00
	64,200.00		64,200.00
		By balance b/d	3,400.00

1.3

Bank Reconciliation Statement as on 31.03.2019
Particulars	Debit	Credit
Unfavourable (credit) Balance as per cash Journal (after adjustment)		3,400.00
Deposit made on 31st March 2019 not yet appear in Bank Statement		102,400.00
Cheque no. 520 issued but not yet presented in Bank	8,700.00
Cheque no. 490 issued in Feb 2019, not yet presented for payment	16,140.00
Wrong amount deposited in Bank	4,000.00
Balance	76,960.00
	105,800.00	105,800.00
Unfavourable Balance as per Bank Statement on 31st March 2019		76,960.00