2. The bank account of Collatc Limited for the month of December 2015 was as follows:...

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2. The bank account of Collatc Limited for the month of December 2015 was as follows: Dr. Date Receipts 01/12/2015 Balance b/d 05/12/2015 R. Green 07/12/2015 D. Lynch 14/12/2015 Cash Lodgement 19/12/2015 Rach Limited 31/12/2015 T. O'Carroll 01/01/2016 Balance b/d Date 01/12/2015 Balance 02/12/2015 Lodgement 07/12/2015 Lodgement 08/12/2015 Cheque 09/12/2015 Cheque 09/12/2015 Electricity 11/12/2015 Lodgement 13/12/2015 Cheque 44,683 37,042 Bank Statement for Collatc Limited for December 2015 Description Details Payments € 14/12/2015 Bank Charges 16/12/2015 Cheque 18/12/2015 Lodgement 20/12/2015 Lodgement 21/12/2015 Cheque Bank Account of Collatc Limited Date Payments 01/12/2015 T. O'Sullivan 07/12/2015 P. Condon 09/12/2015 Electricity 10/12/2015 T. White 14/12/2015 Bank Charges 16/12/2015 B. Purcell 22/12/2015 Maheraly Limited 23/12/2015 1245785621 26/12/2015 Gas 28/12/2015 Rates 31/12/2015 Credit Transfer € 28,754 1,540 8,754 1,500 3,245 890 8751 8754 D.D. 8753 D.D. 8756 8758 S.O. 21/12/2015 G. Foley 22/12/2015 Maheraly Limited 25/12/2015 T. Brennan 30/12/2015 K. Houlihan 31/12/2015 Balance c/d D.D. D.D. 245 147 249 142 30 475 290 620 486 1,600 Lodgment € 670 1,450 8,754 1,500 3,254 Cheque No. 8754 999 8755 D.D. 8756 D.D. 8757 8758 S.O. 8759 8760 Balance € 28,471 29,141 30,591 30,346 30, 199 29,950 38,704 38,562 38,532 38,057 39,557 42,811 42,521 41,901 42,900 42,414 40,814 43,265 Cr. € REQUIREMENT: (a) Prepare the bank reconciliation statement for Collatc Limited at the 31 December 2015. (b) 147 548 249 457 30 1,654 290 620 1,499 2,147 37,042 44,683 2,451 Due to a computer glitch, the bank has admitted that it made an error in the account of Collatc Limited on the 23 December 2015. (18 Marks) Explain why the bank statement is usually taken as being more accurate than the details that appear in the company's own records. (2 Marks) [Total: 20 Marks] 2. The bank account of Collatc Limited for the month of December 2015 was as follows: Dr. Date Receipts 01/12/2015 Balance b/d 05/12/2015 R. Green 07/12/2015 D. Lynch 14/12/2015 Cash Lodgement 19/12/2015 Rach Limited 31/12/2015 T. O'Carroll 01/01/2016 Balance b/d Date 01/12/2015 Balance 02/12/2015 Lodgement 07/12/2015 Lodgement 08/12/2015 Cheque 09/12/2015 Cheque 09/12/2015 Electricity 11/12/2015 Lodgement 13/12/2015 Cheque 44,683 37,042 Bank Statement for Collatc Limited for December 2015 Description Details Payments € 14/12/2015 Bank Charges 16/12/2015 Cheque 18/12/2015 Lodgement 20/12/2015 Lodgement 21/12/2015 Cheque Bank Account of Collatc Limited Date Payments 01/12/2015 T. O'Sullivan 07/12/2015 P. Condon 09/12/2015 Electricity 10/12/2015 T. White 14/12/2015 Bank Charges 16/12/2015 B. Purcell 22/12/2015 Maheraly Limited 23/12/2015 1245785621 26/12/2015 Gas 28/12/2015 Rates 31/12/2015 Credit Transfer € 28,754 1,540 8,754 1,500 3,245 890 8751 8754 D.D. 8753 D.D. 8756 8758 S.O. 21/12/2015 G. Foley 22/12/2015 Maheraly Limited 25/12/2015 T. Brennan 30/12/2015 K. Houlihan 31/12/2015 Balance c/d D.D. D.D. 245 147 249 142 30 475 290 620 486 1,600 Lodgment € 670 1,450 8,754 1,500 3,254 Cheque No. 8754 999 8755 D.D. 8756 D.D. 8757 8758 S.O. 8759 8760 Balance € 28,471 29,141 30,591 30,346 30, 199 29,950 38,704 38,562 38,532 38,057 39,557 42,811 42,521 41,901 42,900 42,414 40,814 43,265 Cr. € REQUIREMENT: (a) Prepare the bank reconciliation statement for Collatc Limited at the 31 December 2015. (b) 147 548 249 457 30 1,654 290 620 1,499 2,147 37,042 44,683 2,451 Due to a computer glitch, the bank has admitted that it made an error in the account of Collatc Limited on the 23 December 2015. (18 Marks) Explain why the bank statement is usually taken as being more accurate than the details that appear in the company's own records. (2 Marks) [Total: 20 Marks]

Answer rating: 100% (QA)

a Bank Reconciliation Statement for Collatc Limited at 31 December 2015 Balance as per Bank Statement 31122015 43265 Add Outstanding Lodgements 021220... View the full answer