Module 8: Bank reconciliation
Activity 8.5
Use the information of Nemo Aquarium to: 1. Make supplementary entries in the Cash Receipts Journal and Cash Payments Journals of Nemo Aquarium; close off the journals.
2. Post to the bank account in the General Ledger and balance the Bank account. 3. Draw up a Bank Reconciliation Statement on 31 October 20.1.
Additional information 1. The bank statement reconciliation on 30 September 20.1 showed the following details: Outstanding cheques: No. 321 – R654,00 No. 322 – R320,00 No. 325 – R323,00 Debit balance according to bank account, R3 670,00.
2. On 30 April 20.1 the totals of the columns in the Cash Journals were:
Cash Receipts Journal: Bank
R87 232.00 Sales R54 827.00
Cash Payments Journal: Bank
R138 426.00
Sundry Accounts R32 405.00
Purchases Wages R78 328.00
R40 320.00
Sundry Accounts R19 778.00
3. A comparison between the Cash Receipts Journal and the Cash Payments Journal with the bank statement showed the following differences: a) The bank statement showed a debit balance of R46 036. b) A deposit of R1 560 on 31 October 20.1 has not yet been credited on the bank statement.
c) The following cheques has not yet been presented for payment on 31 October 20.1. No. 321 – R654,00 No. 345 – R2 812,00 No. 348 – R102,00
d) A cheque for R340,00 received from debtor, A Cornelius was dishonoured by the bank due to insufficient funds.
e) An amount of R134,00 i.r.o. interest on the debit balance, was debited on the bank statement.
f) The bank debited Nemo Aquarium’s current account with the following: R31,00 credit card levy R158,00 service fees R7,00 cheque books
g) The bank statement reflected a debit order in favour of Andy Brokers for insurance premium, R350.
h) R500 was paid directly into the bank account by B Lightyear for rent.
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