The information provided below was extracted from the accounting records of Goldrand Traders. 1. Extract from...

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The information provided below was extracted from the accounting records of Goldrand Traders. 1. Extract from the Bank Reconciliation Statement on 31 January 2019 R 1400 1650 250 1800 1200 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Balance as per statement (favourable) Credit late deposit Debit outstanding cheques No.170 No. 178 No. 183 Balance as per bank account The following provisional totals were extracted from the cash journals on 28 February 2019: • Cash Receipts Journal R28 680 • Cash Payments Journal R22 760 On comparison of the bank statement from Money Bank for February 2019 with the cash journals for February 2019 and the bank reconciliation statement as at 31 January 2019, the following differences were revealed: Cheque no. 178 was presented for payment on 17 February 2019. • Cheque no. 183 was issued to Young Chess Club as a donation. The Club has since closed and the cheque must be cancelled. • A deposit of R1 650 appeared on the bank statement on 1 February 2019 and not in the journals for February 2019. No entry has been made for cheque no. 191, R1 260, dated 22 March 2019, issued in favour of Ron Traders for stock purchased. This cheque has not been presented for payment yet. In the Cash Receipts Journal an entry was made on 28 February in respect of a deposit, R3 460, which did not appear on the bank statement. Cheque no. 195, R700, issued to Nandi Stores was lost in the post. The cheque was stopped and replaced by cheque no. 199. The entries have been made, but the cheque has not yet been presented to the bank for payment. A cheque drawn by a debtor, B Loss, was dishonoured by the bank owing to insufficient funds. The cheque was received in settlement of his debt of R550. R50 discount was allowed to B Loss. Cheque no. 203 for R1 670, issued to creditor JWED Traders, appeared on the bank statement. The cheque, however, was recorded as R1 760 in the Cash Payments Journal. A tenant, Rose Florist, deposited the rent for February 2019 directly in the current account, R2 400. Bank charges amounting to R800 was charged by the bank. A deposit of R2 800 appeared on the bank statement. This was incorrectly recorded in the account of the business. The bank will correct its error. On 28 February 2019 the bank statement showed a credit balance of R8 400. Required: 3.1. Complete the Cash Receipts Journal and Cash Payments Journal of Goldrand Traders for February 2019. (16) 3.2. Post to the bank account in the General Ledger (8) 3.3. Prepare the Bank Reconciliation Statement on 28 February 2019. (8) Question 3 [32] 3.1. CASH RECEIPTS JOURNAL OF GOLDRAND TRADERS FOR FEBRUARY 2019 No. D Details Bank Sundry accounts 28 Totals 28 680 28 Totals Amount F CASH PAYMENTS JOURNAL OF GOLDRAND TRADERS FOR FEBRUARY 2019 No. D Details Bank 22 760 Details Sundry accounts Amount F Details (16) 3.2. 3.3. Dr GENERAL LEDGER OF GOLDRAND TRADERS BANK BANK RECONCILIATION STATEMENT ON 28 FEBRUARY 2019 DEBIT Cr (8) CREDIT (8) The information provided below was extracted from the accounting records of Goldrand Traders. 1. Extract from the Bank Reconciliation Statement on 31 January 2019 R 1400 1650 250 1800 1200 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Balance as per statement (favourable) Credit late deposit Debit outstanding cheques No.170 No. 178 No. 183 Balance as per bank account The following provisional totals were extracted from the cash journals on 28 February 2019: • Cash Receipts Journal R28 680 • Cash Payments Journal R22 760 On comparison of the bank statement from Money Bank for February 2019 with the cash journals for February 2019 and the bank reconciliation statement as at 31 January 2019, the following differences were revealed: Cheque no. 178 was presented for payment on 17 February 2019. • Cheque no. 183 was issued to Young Chess Club as a donation. The Club has since closed and the cheque must be cancelled. • A deposit of R1 650 appeared on the bank statement on 1 February 2019 and not in the journals for February 2019. No entry has been made for cheque no. 191, R1 260, dated 22 March 2019, issued in favour of Ron Traders for stock purchased. This cheque has not been presented for payment yet. In the Cash Receipts Journal an entry was made on 28 February in respect of a deposit, R3 460, which did not appear on the bank statement. Cheque no. 195, R700, issued to Nandi Stores was lost in the post. The cheque was stopped and replaced by cheque no. 199. The entries have been made, but the cheque has not yet been presented to the bank for payment. A cheque drawn by a debtor, B Loss, was dishonoured by the bank owing to insufficient funds. The cheque was received in settlement of his debt of R550. R50 discount was allowed to B Loss. Cheque no. 203 for R1 670, issued to creditor JWED Traders, appeared on the bank statement. The cheque, however, was recorded as R1 760 in the Cash Payments Journal. A tenant, Rose Florist, deposited the rent for February 2019 directly in the current account, R2 400. Bank charges amounting to R800 was charged by the bank. A deposit of R2 800 appeared on the bank statement. This was incorrectly recorded in the account of the business. The bank will correct its error. On 28 February 2019 the bank statement showed a credit balance of R8 400. Required: 3.1. Complete the Cash Receipts Journal and Cash Payments Journal of Goldrand Traders for February 2019. (16) 3.2. Post to the bank account in the General Ledger (8) 3.3. Prepare the Bank Reconciliation Statement on 28 February 2019. (8) Question 3 [32] 3.1. CASH RECEIPTS JOURNAL OF GOLDRAND TRADERS FOR FEBRUARY 2019 No. D Details Bank Sundry accounts 28 Totals 28 680 28 Totals Amount F CASH PAYMENTS JOURNAL OF GOLDRAND TRADERS FOR FEBRUARY 2019 No. D Details Bank 22 760 Details Sundry accounts Amount F Details (16) 3.2. 3.3. Dr GENERAL LEDGER OF GOLDRAND TRADERS BANK BANK RECONCILIATION STATEMENT ON 28 FEBRUARY 2019 DEBIT Cr (8) CREDIT (8)

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