(a) The Accountant at Marvin Chin Enterprises prepared the Cash Book summary for the month of...

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(a) The Accountant at Marvin Chin Enterprises prepared the Cash Book summary for the month of November 2001: Balance b/f Total receipts (2) (3) Your investigations revealed the following: (1) (5) (6) (7) (8) (i) Marvin Chin Enterprises Cash Book Summary (ii) $ 12 663 135 657 148 320 Total payments Balance c/f A cheque for $423 was drawn on Marvin Chin's account and entered in error as a receipt in the cash book. S 139 680 8 640 148 320 The bank returned a cheque for $162 with the notation return to drawer' which was NOT yet written back in the cash book. There was an error in the amount of balance brought forward in the cash book. The correct amount should be $13 230. Stacey Varena Lucille Cash sales amounting to $13 878 had NOT yet been credited by the bank Cheques paid to the following suppliers had NOT yet been presented to the bank: $1 926 $3 330 $ 270 Bank charges of $315 shown on the Bank Statement was NOT entered in the Cash Book. The bank debited Marvin Chin account $648 in error. The balance on the Bank Statement received was an overdraft of $1 116. Make ALL the necessary adjustments in the Cash Book of Marvin Chin. (8 marks) Prepare the Bank Reconciliation Statement as at November 30 2001. (Start with the balance as per Bank Statement) (7 straight (b) Bold and Grusome bought a motor van for $45 000 and estimated its scrap value at $3 000 and its useful life as 5 years. Depreciation is charged on the line method. What was the depreciation rate per year? What amount of depreciation should be charged in year 3? What was the net book value at the end of year 4? What was accumulated depreciation at the end of year 3? Name ONE other method of depreciation. (i) (ii) (iii) (iv) (v) (5 marks) (a) The Accountant at Marvin Chin Enterprises prepared the Cash Book summary for the month of November 2001: Balance b/f Total receipts (2) (3) Your investigations revealed the following: (1) (5) (6) (7) (8) (i) Marvin Chin Enterprises Cash Book Summary (ii) $ 12 663 135 657 148 320 Total payments Balance c/f A cheque for $423 was drawn on Marvin Chin's account and entered in error as a receipt in the cash book. S 139 680 8 640 148 320 The bank returned a cheque for $162 with the notation return to drawer' which was NOT yet written back in the cash book. There was an error in the amount of balance brought forward in the cash book. The correct amount should be $13 230. Stacey Varena Lucille Cash sales amounting to $13 878 had NOT yet been credited by the bank Cheques paid to the following suppliers had NOT yet been presented to the bank: $1 926 $3 330 $ 270 Bank charges of $315 shown on the Bank Statement was NOT entered in the Cash Book. The bank debited Marvin Chin account $648 in error. The balance on the Bank Statement received was an overdraft of $1 116. Make ALL the necessary adjustments in the Cash Book of Marvin Chin. (8 marks) Prepare the Bank Reconciliation Statement as at November 30 2001. (Start with the balance as per Bank Statement) (7 straight (b) Bold and Grusome bought a motor van for $45 000 and estimated its scrap value at $3 000 and its useful life as 5 years. Depreciation is charged on the line method. What was the depreciation rate per year? What amount of depreciation should be charged in year 3? What was the net book value at the end of year 4? What was accumulated depreciation at the end of year 3? Name ONE other method of depreciation. (i) (ii) (iii) (iv) (v) (5 marks)

Answer rating: 100% (QA)

a Adjustment entries in the cash book Particulars Debit Credit Misc receipt 423 Drawings 423 Cash 84... View the full answer