N4 Introductory Financial Accounting | Student Book


2 Compare the Bank column of the CRJ against the bank statement (Credit [+] amounts). • The Bank column, not the Analysis of Receipts column, is used as these amounts should correspond with the deposits reflected on the bank statement.


• Tick off (✓) the entries that are similar. • Any unmarked entries on the CRJ should be circled (○) and appear on the Bank Reconciliation Statement.


• Any unmarked credit entries on the bank statement should be circled (○) and entered into the CRJ.


3 Compare the Bank column of the CPJ against the bank statement (Debit [-] amounts). • Tick off (✓) the entries that are similar. • Remember to verify the cheque number as well as the amount of the cheque. • Any unmarked entries on the CPJ should be circled (○) and appear on the Bank Reconciliation Statement.


• Any unmarked debit entries on the bank statement should be circled (○) and entered the CPJ.


4 Dishonoured (R/D) cheques • The bank will dishonour a cheque that the business has deposited. • When the business originally received a cheque for payment, the cheque was recorded in the CRJ. When the bank sends the cheque back to the business and it is marked R/D (Refer to Drawer), then the dishonoured cheque is recorded in the CPJ.


5 Errors in the Cash Payments Journal (CPJ) • If the cheque amount entered in the CPJ is too much, correction should be made the CRJ for the difference only.


• If the cheque amount entered in the CPJ is too little, correction to be made the CPJ for the difference only.


6 Errors on the bank statement • If the bank makes a mistake on the bank statement, then it needs to be entered in the Bank Reconciliation Statement.


• If the bank incorrectly debited the bank statement, then credit the Bank Reconciliation Statement.


• If the bank incorrectly credited the bank statement, then debit the Bank Reconciliation Statement.


7 Stale cheques • If the cheque which we gave as payment is not deposited in time at the bank, then after six months we need to cancel the cheque. • The stale cheque needs to be cancelled in the CRJ.


8 Lost cheques that were issued • If the cheque we gave as payment is lost then we, the business, must stop and cancel the cheque.


• The lost cheque needs to be cancelled in the CRJ. 9 Post-dated cheques 130


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