Module 8: Bank reconciliation


Activity 8.7


Use the information of Aurora Pet Shop to: 1. Make supplementary entries in the Cash Receipts Journal and Cash Payments Journals of Aurora Pet Shop; 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 account showed a debit balance of R1 517,80 on 1 October 20.1. 2. The bank statement showed a credit balance of R278,13 on 31 October 20.1. 3. Cash Receipts Journal – column totals on 31 October 20.1: Bank


R6 484,40


Trade Receivables Control R6 158,20 Sundry accounts


R326,20


4. Cash Payments Journal – column totals on 31 October 20.1: Bank


R6 553,10


Trade Receivables Control Trade Payables Control R5 931,80 Sundry accounts


R736,50


5. The bank debited Aurora Pet Shop’s current account with the following: Credit card levy Service fees Cheque books Deposit book


R2,50


R19,30 R4,00 R7,25


6. A deposit of R1 836,45 has not yet been credited on the bank statement. 7. A cheque for R46,30 received from debtor, K Ellis, was dishonoured by the bank due to insufficient funds.


8. The following cheques have not yet been presented for payment. No. 321 – R112,18 No. 345 – R220,60 No. 348 – R184,75


9. The bank debited the account of Aurora Pet Shop’s with R78,00 (cheque 862). The cheque was cashed by Aurora Hair Salon.


10. The bank statement showed a debit order for R66,00 for insurance premium to Cinderella. 11. The bank statement showed a deposit for R360,00. It was paid directly into the bank account of Aurora Pet Shop by S White for rent.


12. The bank statement showed a credit for interest on the current account, R11,30.


151


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