The following information is taken from the cash receipt journal and cash paym Syarikat Gemilang for...
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The following information is taken from the cash receipt journal and cash paym Syarikat Gemilang for August 20x9. August 20x9 3 7 9 10 18 21 27 August 20x9 2 5 17 Cash Receipt Journal Particulars Asmah Jaya Sales Kenny Zainuri Sales Suri Shasha Total Cash Payment Journal Particulars Cheque no. 760401 Cheque no. 760402 Cheque no. 760403 Amount (RM) 1,600 1,800 812 2,600 2,848 2,600 1,800 14,060 Amount (RM) 672 488 444 August 20x9 1 5 6 7 18 15 20 22 August 20x9 20 23 26 23 25 26 31 A bank statement from the business bank was received on 5 September 20x9 that showed a different ending balance to the business records. Particulars Cheque no. 760404 Cheque no. 760405 Cheque no. 760406 Total Balance b/d Cheque no. 760401 Deposit Dividend Deposit Bank charges Cheque no. 760403 Deposit Cheque no. 760404 Standing order Direct debit Cheque no. 760407 Bank Statement as at 31 August 20x9 Particulars Debit (RM) Credit (RM) 672 Amount (RM) 404 220 1,100 3,328 160 444 404 1,000 1,600 1,800 1,600 1,080 2,600 2,848 Balance (RM) 22,556 CR 21,884 CR. 23,484 CR 24,564 CR. 27,164 CR 27,004 CR 26,560 CR 29,408 CR. 29,004 CR. 28,004 CR. 26,404 CR. 24,604 CR Note: (i) The debit balance in the business's cash book on 1 August 20x9 was RM22,556. (ii) A cheque entered in the cash receipt journal on 21 August 20x9 was returned by the bank, stamped with the words 'insufficient funds'. Required: (a) Update the cash book. (b) Prepare the bank reconciliation statement as at 31 August 20x9. (iii) All the records made by the bank were correct but there were some errors made by the business while preparing the cash book: (a) Cheque no. 760402 issued was wrongly recorded in the cash payment journal as RM488. The correct amount was RM848. (b) A cheque received from Shasha was actually a cheque paid to her. The cheque issued was no. 760407. It has already appeared in the bank statement on 31 August 20x9. (c) Explain the objective of preparing the bank reconciliation statement. (d) Differentiate between 'unpresented cheque' and 'uncredited cheque' in the context of a bank reconciliation statement. The following information is taken from the cash receipt journal and cash paym Syarikat Gemilang for August 20x9. August 20x9 3 7 9 10 18 21 27 August 20x9 2 5 17 Cash Receipt Journal Particulars Asmah Jaya Sales Kenny Zainuri Sales Suri Shasha Total Cash Payment Journal Particulars Cheque no. 760401 Cheque no. 760402 Cheque no. 760403 Amount (RM) 1,600 1,800 812 2,600 2,848 2,600 1,800 14,060 Amount (RM) 672 488 444 August 20x9 1 5 6 7 18 15 20 22 August 20x9 20 23 26 23 25 26 31 A bank statement from the business bank was received on 5 September 20x9 that showed a different ending balance to the business records. Particulars Cheque no. 760404 Cheque no. 760405 Cheque no. 760406 Total Balance b/d Cheque no. 760401 Deposit Dividend Deposit Bank charges Cheque no. 760403 Deposit Cheque no. 760404 Standing order Direct debit Cheque no. 760407 Bank Statement as at 31 August 20x9 Particulars Debit (RM) Credit (RM) 672 Amount (RM) 404 220 1,100 3,328 160 444 404 1,000 1,600 1,800 1,600 1,080 2,600 2,848 Balance (RM) 22,556 CR 21,884 CR. 23,484 CR 24,564 CR. 27,164 CR 27,004 CR 26,560 CR 29,408 CR. 29,004 CR. 28,004 CR. 26,404 CR. 24,604 CR Note: (i) The debit balance in the business's cash book on 1 August 20x9 was RM22,556. (ii) A cheque entered in the cash receipt journal on 21 August 20x9 was returned by the bank, stamped with the words 'insufficient funds'. Required: (a) Update the cash book. (b) Prepare the bank reconciliation statement as at 31 August 20x9. (iii) All the records made by the bank were correct but there were some errors made by the business while preparing the cash book: (a) Cheque no. 760402 issued was wrongly recorded in the cash payment journal as RM488. The correct amount was RM848. (b) A cheque received from Shasha was actually a cheque paid to her. The cheque issued was no. 760407. It has already appeared in the bank statement on 31 August 20x9. (c) Explain the objective of preparing the bank reconciliation statement. (d) Differentiate between 'unpresented cheque' and 'uncredited cheque' in the context of a bank reconciliation statement.
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a b Date 3 01Aug To Balance Bd Asmah jaya 7 Sales 9 Kenny 10 Zainuri 18 Sales 21 Suri 27 Shasha 31 D... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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