QUESTION 3 BANK RECONCILIATION (20 MARKS)
The information given below was extracted from the accounting records of Sunrisers Traders.
REQUIRED
3.1 Complete the Cash Receipts Journal and Cash Payments Journal
of Sunrisers Traders for
March 2016. All entries must indicate the correct contra ledger
account in the Details column.
Cast the Journals. Use the following format: (10)
Cash Receipts Journal
Details |
Bank |
Total |
|
Cash Payments Journal
Details |
Bank |
Total |
|
3.2 Post to the Bank account in the General ledger. Balance the account. (4)
3.3 Prepare the Bank Reconciliation Statement as at 31 March 2016. Use the following format: (6)
Bank Reconciliation Statement as at 31 March 2016
Debit |
Credit |
|||
00 7
INFORMATION
A comparison of the bank statement for March 2016 with the March cash journals and the Bank
Reconciliation Statement as at 29 February 2016, revealed the following:
The balance in the bank account in the ledger of Sunrisers Traders on 28 February 2016 was R12
000 (DR).
Provisional totals of the Bank column of the Cash journals on 31 March 2016 were:
Cash Receipts Journal R34 200
Cash Payments Journal R42 400.
Cheque no. 146 for R300 (dated 16 January 2016) that appeared on the Bank Reconciliation
Statement as at 28 February 2016 has still not yet been presented for payment.
Cheque no. 67 for R600 (dated 14 September 2015) is now stale and must be cancelled. The
cheque was issued to Ilembe Soccer Club as a donation but the club has disbanded.
A debtor, M. Peters, whose account of R500 was written off as irrecoverable previously, made an
electronic transfer of R280 into the banking account of Sunrisers Traders.
A cheque for R1 200 from a tenant, Bonstore, that was received and deposited by Sunrisers Traders
on 23 March 2016 was returned by the bank marked “refer to drawer – insufficient funds”.
Cheque no. 172, issued during March 2016, to Exco Stationers for stationery was recorded in the
Cash Payments Journal as R800 instead of R880.
Cheque no. 183 for R7 500, issued to Makro on 13 March 2016 for the purchase of equipment, did
not appear on the bank statement for March 2016.
A debit order for R500 in favour of Rap Bank appeared on the bank statement for March 2016. This
amount was for interest on loan, R40, and repayment of loan R460.
A deposit of R7 200 on 31 March 2016 did not appear on the bank statement for March 2016.
The following entries appeared on the bank statement only:
Service fees R200
Cash deposit fees R145 Interest on credit balance R50.
A stop order in favour of the municipality by another client of the bank appeared in error on the bank statement of Sunrisers Traders, R1 500.
The bank statement reflected a credit balance of R1 705 on 31 March 2016.
PARTICULARS |
PLUS ITEMS |
MINUS ITEMS |
Debit balance as per Cash Jornal (bank account) |
12000 |
|
Cheque no. 146 not yet presented for payment |
300 |
|
Cheque no. 67 was not presented for payment and is cancelled |
600 |
|
Bad debt recovered form a debtor (M. peters) |
280 |
|
A cheque (bonstore) deposited in bank got bounced |
(1200) |
|
Cheque no. 172 wrongly debited in cash payments journal |
(80) |
|
Cheque no. 183 issued, but not presented for payment |
7500 |
|
An auto-debit of RAP bank loan installment |
(500) |
|
A deposit not collected by the bank |
(7200) |
|
Service fee auto deduction |
(200) |
|
Cash deposit fee charged by bank |
(145) |
|
Interest received on credit balance from bank |
50 |
|
Amount wrongly debited by bank |
(1500) |
|
20730 |
(10825) |
|
Credit balance as per pass book (statement) |
1705 |
|
This is the accurate treatment of each entry mentioned in the question.
Now, there may be some information missing or incorrect amount in this question.
Change the values accordingly and you will get the right statement.
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