a. On 1 January 2020, the records of Wilson Electrical Supplies showed that the Bank Overdraft...

   

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a. On 1 January 2020, the records of Wilson Electrical Supplies showed that the Bank Overdraft account in the general ledger had a balance of $1 870.00 Cr. The bank reconciliation as at 31 December 2019 agreed with the general ledger as at 31 December 2019. b. The following information is available for Jan 2020. Assume any errors were made by the Bank. Date 2020 Jan 4 17 28 CASH RECEIPTS JOURNAL Particulars Sales T Smith K Heinz Sales Parts sales CASH PAYMENTS JOURNAL Particulars Date 2020 Jan 4 Electricity Expenses 7 Electrical Wholesalers 10 Telephone Expense 12 Wages Expense 17 Advertising Expense Junipers 21 Inventory 23 Wages Expense Bank Overdraft Cheque Number 201 202 203 204 205 206 207 208 600 2410 3.010 2 500 4 256 Bank Overdraft 490 1 560 190 1 320 456 4 010 2450 1 175 Wilson Electrical Supplies Particulars Date Balance 2020 Jan 1 Balance forward 5 Cash and cheques 11 Account Fee 12 Cheque 203 12 Cheque 204 17 EFT U Knowles 19 Cash and cheques Westside Bank BANK STATEMENT 20 Cheque 202 20 Returned cheque (T Smith) 29 Cheque 207 29 Cheque 206 30 Interest on Term Dep 30 Interest on Overdraft Debits 28 180 1 320 1560 2410 2 450 4010 75 3 010 1 520 3 010 250 A/c No 2684825 Credits $ 1870 Dr 1140 Cr 1112 Cr 932 Cr 388 Cr Cr Cr Cr 172 Cr 2278 Dr 6 288 Dr 6 038 Dr 6113 Dr 1 132 4 142 2 582 Required: i. Complete the cash journals for the period ended 31 January 2020. Set up, complete and balance the Bank Overdraft ledger account. Use the proformas set out in the word document answer booklet. [9 marks] ii. Prepare a bank reconciliation statement at 31 January 2020 to reconcile the adjusted ledger balance with the bank statement balance. [6 marks] a. On 1 January 2020, the records of Wilson Electrical Supplies showed that the Bank Overdraft account in the general ledger had a balance of $1 870.00 Cr. The bank reconciliation as at 31 December 2019 agreed with the general ledger as at 31 December 2019. b. The following information is available for Jan 2020. Assume any errors were made by the Bank. Date 2020 Jan 4 17 28 CASH RECEIPTS JOURNAL Particulars Sales T Smith K Heinz Sales Parts sales CASH PAYMENTS JOURNAL Particulars Date 2020 Jan 4 Electricity Expenses 7 Electrical Wholesalers 10 Telephone Expense 12 Wages Expense 17 Advertising Expense Junipers 21 Inventory 23 Wages Expense Bank Overdraft Cheque Number 201 202 203 204 205 206 207 208 600 2410 3.010 2 500 4 256 Bank Overdraft 490 1 560 190 1 320 456 4 010 2450 1 175 Wilson Electrical Supplies Particulars Date Balance 2020 Jan 1 Balance forward 5 Cash and cheques 11 Account Fee 12 Cheque 203 12 Cheque 204 17 EFT U Knowles 19 Cash and cheques Westside Bank BANK STATEMENT 20 Cheque 202 20 Returned cheque (T Smith) 29 Cheque 207 29 Cheque 206 30 Interest on Term Dep 30 Interest on Overdraft Debits 28 180 1 320 1560 2410 2 450 4010 75 3 010 1 520 3 010 250 A/c No 2684825 Credits $ 1870 Dr 1140 Cr 1112 Cr 932 Cr 388 Cr Cr Cr Cr 172 Cr 2278 Dr 6 288 Dr 6 038 Dr 6113 Dr 1 132 4 142 2 582 Required: i. Complete the cash journals for the period ended 31 January 2020. Set up, complete and balance the Bank Overdraft ledger account. Use the proformas set out in the word document answer booklet. [9 marks] ii. Prepare a bank reconciliation statement at 31 January 2020 to reconcile the adjusted ledger balance with the bank statement balance. [6 marks]

Answer rating: 100% (QA)

Cash Receipts Journals 4Jan Sales T Smith 17Jan K Heinz 17Jan EFT U knowles 28Jan Sales Parts Sales ... View the full answer