a$)$ While reconciling the bank statement with the cash$/$bank book of Abban Ltd for the year ended December $31,2022,$ you noted the following:

Description GH$$

i$)$ Balance per bank statement as at $31$ December, $2022(403,218)$

ii$)$ Cheques drawn but not presented till $31$ December, $2022188,892$

iii$)$ Interest on overdraft charged by the bank on $2$ January, $2023$ was recorded in the cash$/$bank book on $31$ December, $2022$

$59,343$

iv$)$ Cheques received on $30$ and $31$ December, $2022$ were not lodged with the bank till $3$ January, $2023$

$125,300$

v$)$ A cheque was sent to the bank for collection on $28$ December, $2022,$ and entered in the cash$/$bank book. However, the bank credited it on $1$ January, $2023$

$98,250$

vi$)$ Subscription for a magazine was paid by the bank, as per the direct$-$debit instructions, on $1$ December, $2022.$ This transaction has not been recorded in the cash$/$bank book so far

$1,572$

vii$)$ A stale cheque was replaced with a new cheque on $30$ December, $2022$ and entered in the cash$/$bank book without the previous cheque being reversed. Both cheques are included in $($ii$)$ above

$2,500$

viii$)$ A cheque received on $21$ December, $2022$ was erroneously recorded on the credit side of the cash$/$bank book

$3,750$

ix$)$ A cheque issued to a supplier had gone stale as of $2$ January $,202312,500$

x$)$ A cheque for GH$62,500$ drawn by the company to pay for a new item of plant had been mistakenly entered in the cash$/$bank book as

$6,250$

xi$)$ A cheque issued by the company has been entered in the credit column of the bank statement

$6,600$

Required:

Prepare the bank reconciliation statement as at $31$ December, $2022$ and determine the opening cash balance as of $1$ December, $2022.(10$ marks$)$

b$)$ The sales ledger control account of Frankaa Ltd for the year ended $31$ December $2023$ has been prepared from the following information:

GH$$

Debit balance b$/$d $1$ January $202338,562$

Credit balance b$/$d $1$ January $2023840$

Transactions for the year:

Credit Sales $343,260$

Cheques received from customers $313,860$

Cash received from customers $2,130$

Sales returns from customers $3,600$

Discounts allowed $744$

Dishonoured cheques $1,500$

Contras purchases ledger $3,192$

Irrecoverable debts $1,950$

The sales ledger control account balance, which is part of the double entry system, failed to agree with the total receivables of GH$56,814$ as shown by the schedule of receivables.

The following errors were subsequently discovered:

i$)$ A customer had returned goods to Frankaa Ltd at the selling price of GH$720.$ The goods had been bought on credit. No entries had been made to record the return of the goods in the accounts of Frankaa Ltd$.$

ii$)$ The discounts allowed column in the cash book had been overcast by GH$324.$

iii$)$ No contra entry had been made in the receivables account in the sales ledger in respect of purchases by Frankaa Ltd of goods at a list price of GH$600.$ Frankaa Ltd received a trade discount of $10\%$ on these goods. This transaction had been correctly dealt with in the Sales Ledger Control Account.

iv$)$ iv$)$ A credit sale of GH$1,056$ to Josh Ltd was correctly recorded in the sales ledger control account, but no other entry had been made.

v$)$ A cheque received from a customer for GH$2,070$ correctly processed through the books, had subsequently been dishonoured. No entries have yet been made to record this dishonoured cheque. vi$)$ Dogen Ltd$,$ a customer, has recently been declared bankrupt and the debt of GH$1,050$ is to be written off, but no entries have yet been made.

Required:

Prepare a revised sales ledger control account for the year ended $31$ December $2023.$

$(10$ marks$)$