Task 3-7

(Refer to Chapter 11 Accounting Principles Book One to complete tasks 3-7)

Note: You must read and understand the steps in the bank reconciliation process in chapter 11.5 to complete Tasks 3 & 4.

Here is the following information given for Amazon Traders account.

The reconciliation on June 30 showed that the Bank LedgerAccounthad a credit balance (overdraft/owing) of $3,182.90.

The Bank Statement had reconciled to the Bank LedgerAccountafter allowing for:

An outstanding deposit $733.10

and

Unpresented cheque #324856for $934.02

July Cash Receipt and Payments:

Extract Cash ReceiptsBookofAmazon Traders	ExtractCashPaymentsBookofSam.S
02/07	$1,446.52	01/05	324875	$1,526.16
07/07	3,486.72	04/05	324876	905.70
11/07	1,538.90	08/05	324877	2,404.38
11/07	436.84	12/05	324878	1,702.86
12/07	2,360.20	15/05	324879	1,296.98
21/07	1,039.30	20/05	324880	561.40
30/07	846.76	28/05	324881	1,958.30

BMS Bank Statement for the month of July

The BMS Bank
BankStatement for Amazon Traders
Date	Particulars	Debit	Credit	Balance
	Broughtforward			$2,981.98Dr
01/07	Cheque#324875	$1,526.16		4,508.14Dr
	Cash/chequesdeposit		$733.10	3,775.04Dr
02/07	Cash/chequesdeposit		1,446.52	2,328.52Dr
05/07	Cheque#324856	934.02		3,262.54Dr
07/07	Cash/chequesdeposit		3,486.72	224.18Cr
11/07	Cash/chequesdeposit		1,538.90	1,763.08Cr
12/07	Cheque#324877	2,404.38		641.30Dr
	Cash/chequesdeposit		436.84	204.46Dr
15/07	Chequebookfee	50.00		254.46Dr
17/07	Cheque#324879	1,296.98		1,551.44Dr
18/07	Cash/chequesdeposit		2,360.20	808.76Cr
21/07	Cheque#324878	1,702.86		894.10Dr
24/07	L.Mami chequedishonour	551.56		1,445.66Dr
	Dishonourfee	15.00		1,460.66Dr
25/07	Cheque #324876	905.70		2,366.36Dr
26/07	Cash/chequesdeposit		1,039.30	1,327.06Dr
31/07	Cheque#324880	561.40		1,888.46Dr

Task 3

Amazon Traders Policies & Procedures:

Entering Cash Receipts & Payments

• All supporting documentation is to be checked for accuracy prior to entering the system
• Supporting documentation must be authorised by Sam Smith the owner
• Please make sure you have checked each amount of cash receipts and payments according to the bank statement provided
• All total amount of Cash Receipts, Payments and the bank ledger balance need to calculate correctly before proceeding to the next task.

From the above information you need to prepare:

Cash Balance Summary (Cash Receipts and Cash Payments) and Bank Ledger Account for Amazon Traders as of 31 July.

Answer:

Cash Receipts	Cash Payments
Date	Details	Amount $	Date	Details	Amount $

Bank Ledger Account July-(you must specify if Balance is DR or CR)

Bank100
Date	Details	Debit	Credit	Balance
1/7	Balance b/d
31/7	Receipts
31/7	Payments

Write the Bank Balance amount:

Task 4

Prepare Bank Reconciliation Statement.

** Do not submit your work if the Bank ReconciliationCredit balance does not balance with your bank ledger account balance, please recheck your answer and go thru the chapter again.

Answer:

BankReconciliationStatementasofJuly31
	Cheque No.	$
Debit balance as per Bank Statement
Add: Unpresented Cheques
Sub-total
Less: Outstanding Deposits
Credit Balance per the Bank Ledger Account

can you do the task 3 the cash receipts journal and payments