A young and inexperienced bookkeeper is having great difficulty in producing a bank reconciliation statement at 31 December. He gives you his attempt to produce a summarized cash book, and also the bank statement received for the month of December. These are shown below. You may assume that the bank statement is correct. You may also assume that the trial balance at 1 January did indeed show a bank overdraft of £7,000.12.

Required
a. A corrected cash book summary and a reconciliation of the balance on this revised summary with the bank statement balance as at 31 December, as far as you are able.
b. A brief note as to the likely cause of any remaining difference.

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Cash book summary droft 1 Jan Opaning ovardcf Jan-Nev roce pts 39,500.54 35,000.34 Poyments Jen-Nov 7000 12 Adid: Dscount 500.02 40000.56 12000.34 Belance 30 Nov 4700065 47 000.68 12000 34 Peyments Dac Chequa No 7654 7653 7656 7657 7658 7659 7660 7661 Bolance cld 1 Dec 37.14 192.79 5,000.00 123.45 329 26 678.90 1,47 19,84 10.66 1198.174.4640 10.734.75 16,799.00 16,799.00 Dec receipts 78.19 21.27 4.92 16.88 Dec receipts 3,,00.00 71.23 31 Dec bolonce 10,734.75 Bank statement-31 Decembo Withdrawals Deposits Balonce 1 Dec 800.00 650 7653 7654 7651 7656 7655 7658 Standirg crder T659 7661 Bonk charges 300.00 191.91 37.14 178.19 21.27 4.92 6.88 3,100.00 171.23 1,198.17 117.98 5,000.00 129.79 578.90 50.00 1.47 10.66 80.00 31 Dec O3,472.34 O/D