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QUESTION 2: RECONCILIATION (30 marks, 20 minutes) The information relates to Klonex Traders. REQUIRED: 2.1 The owner, Ben Joseph, realises that many people are now using electronic funds transfers (EFTs) instead of cheques. 2.1.1 State THREE advantages of EFTs. 2.1.2 Janet, the bookkeeper, has been assigned the duty of processing and controlling all EFTs. Explain TWO reasons why the internal auditor is concerned about this. 2.2 Show changes in the Cash Journals for June 2019. 2.3 Calculate the correct Bank Account balance on 30 June 2019. 2.4 Prepare the Bank Reconciliation Statement on 30 June 2019. INFORMATION: A. Extract: Bank Reconciliation Statement on 31 May 2019 NOTE: - The outstanding deposit appeared on the June Bank Statement. - Cheque 321 was issued for the owner's club fees. It was never deposited. - Cheque 427 did not appear on the June Bank Statement. It was lost and a new cheque will be issued in July. - Cheque 444 did not appear on the June Bank Statement. - Cheque 516 appeared on the June Bank Statement with the correct amount of R5 250. B. Provisional totals in the Cash Journals on 30 June 2019 before receiving the Bank Statement: Cash Receipts Journal: R27 470 Cash Payments Journal: R32 400 C. Entries in the Cash Journals NOT on the June Bank Statement: - Deposit, R9 675 - EFT 14 (30 June 2019), R3 800 - Cheque 522 (12 August 2019), R4 580 D. Entries on the June 2019 Bank Statement NOT in the Cash Journals: *Insurance appeared twice in error. This will be rectified next month. QUESTION 2: RECONCILIATION (30 marks, 20 minutes) The information relates to Klonex Traders. REQUIRED: 2.1 The owner, Ben Joseph, realises that many people are now using electronic funds transfers (EFTs) instead of cheques. 2.1.1 State THREE advantages of EFTs. 2.1.2 Janet, the bookkeeper, has been assigned the duty of processing and controlling all EFTs. Explain TWO reasons why the internal auditor is concerned about this. 2.2 Show changes in the Cash Journals for June 2019. 2.3 Calculate the correct Bank Account balance on 30 June 2019. 2.4 Prepare the Bank Reconciliation Statement on 30 June 2019. INFORMATION: A. Extract: Bank Reconciliation Statement on 31 May 2019 NOTE: - The outstanding deposit appeared on the June Bank Statement. - Cheque 321 was issued for the owner's club fees. It was never deposited. - Cheque 427 did not appear on the June Bank Statement. It was lost and a new cheque will be issued in July. - Cheque 444 did not appear on the June Bank Statement. - Cheque 516 appeared on the June Bank Statement with the correct amount of R5 250. B. Provisional totals in the Cash Journals on 30 June 2019 before receiving the Bank Statement: Cash Receipts Journal: R27 470 Cash Payments Journal: R32 400 C. Entries in the Cash Journals NOT on the June Bank Statement: - Deposit, R9 675 - EFT 14 (30 June 2019), R3 800 - Cheque 522 (12 August 2019), R4 580 D. Entries on the June 2019 Bank Statement NOT in the Cash Journals: *Insurance appeared twice in error. This will be rectified next month