The information presented was extracted from the books of Gemsbok Traders. Their financial year ends on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The information presented was extracted from the books of Gemsbok Traders. Their financial year ends on 30 June 2021. Information A. Bank Reconciliation Statement on 31 May 2021 Credit balance as per bank statement Outstanding deposit (25 May 2021] Cheques not presented for payment: R13 400 R16 600 R5 400 RI 000 R23 600 No. 284 No. 297 Debit balance as per bank account B. Provisional totals from the bank columns of cash journals on 30 June 2021: • Cash Receipts Journal R26 720 • Cash Payments Journal R27 900 C. On comparing the bank reconciliation statement for May 2021 with the bank statement for June 2021 it was noted that: The outstanding deposit of R16 600 appeared on the bank statement on 5 June 2021. • Cheque number 284 has been presented for payment. D. On comparing the bank statement for June 2021 with the cash journals for June 2021 the following differences were noted: • A deposit of R14 700 made on 30 June 2021 did not appear on the bank statement. The following cheques had not been presented for payment: o No. 328 o No. 330 R2 000 R3 200 E. A card payment of R1 500 appeared on the bank statement but not in the CPJ. After investigation it was found that it was a payment by the owner, S Buck, for fuel for the business's vehicle. F. An amount of R900 had been debited by Blesbok Bank for a debit order in favour of Springbok Calls in payment of the owner's personal telephone account. G. The accountant had made the following errors in the cash journals: • Cheque no. 395 for insurance to MyDeer Insurance had been overstated by R600. • A deposit received from the owner as additional capital was recorded incorrectly as R15 000 instead of R25 000. H. The following items appeared on the bank statement from Blesbok Bank but not in the cash journals: • Bank charges, R865. The monthly debit order for advertising to On-Show Wildife, R3 800. Rent was directly deposited in the bank account by the tenant, A Crock, R8 600. I. Favourable balance as per bank statement from Blesbok Bank on 30 June 2021, R26 055. Required: 4.1 Prepare the bank account in the General Ledger. (16) 4.2 Prepare the bank reconciliation on 30 June 2021. (7) The information presented was extracted from the books of Gemsbok Traders. Their financial year ends on 30 June 2021. Information A. Bank Reconciliation Statement on 31 May 2021 Credit balance as per bank statement Outstanding deposit (25 May 2021] Cheques not presented for payment: R13 400 R16 600 R5 400 RI 000 R23 600 No. 284 No. 297 Debit balance as per bank account B. Provisional totals from the bank columns of cash journals on 30 June 2021: • Cash Receipts Journal R26 720 • Cash Payments Journal R27 900 C. On comparing the bank reconciliation statement for May 2021 with the bank statement for June 2021 it was noted that: The outstanding deposit of R16 600 appeared on the bank statement on 5 June 2021. • Cheque number 284 has been presented for payment. D. On comparing the bank statement for June 2021 with the cash journals for June 2021 the following differences were noted: • A deposit of R14 700 made on 30 June 2021 did not appear on the bank statement. The following cheques had not been presented for payment: o No. 328 o No. 330 R2 000 R3 200 E. A card payment of R1 500 appeared on the bank statement but not in the CPJ. After investigation it was found that it was a payment by the owner, S Buck, for fuel for the business's vehicle. F. An amount of R900 had been debited by Blesbok Bank for a debit order in favour of Springbok Calls in payment of the owner's personal telephone account. G. The accountant had made the following errors in the cash journals: • Cheque no. 395 for insurance to MyDeer Insurance had been overstated by R600. • A deposit received from the owner as additional capital was recorded incorrectly as R15 000 instead of R25 000. H. The following items appeared on the bank statement from Blesbok Bank but not in the cash journals: • Bank charges, R865. The monthly debit order for advertising to On-Show Wildife, R3 800. Rent was directly deposited in the bank account by the tenant, A Crock, R8 600. I. Favourable balance as per bank statement from Blesbok Bank on 30 June 2021, R26 055. Required: 4.1 Prepare the bank account in the General Ledger. (16) 4.2 Prepare the bank reconciliation on 30 June 2021. (7)
Expert Answer:
Answer rating: 100% (QA)
IN THE BOOKS OF GEMSBOK TRADERS 1Bank Account general ledger Particulars Debit Date Particulars ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following trial balance was extracted from the books of Marric Ltd. as at 31.05.03 The following information has not been accounted for: 1. Closing inventory as at 31.05.03 is £497,000 2....
-
The balances extracted from the books of G. Ryan at 31 December 20X2 are given below: Additional information At 31 December 20X2 inventory was valued at £33,990. Required a. Prepare the...
-
A beam is fabricated from 2 C-channels and two cover plates as shown in the figure. The section transmits a vertical shear of 150 kips and a moment of 450 kip-in. The cover plates are attached to the...
-
A. Determine the cost of the goods sold for the September 30 sale. B. Determine the inventory on September 30. Beginning inventory, purchases, and sales for an inventory item are as follows: 31 units...
-
Briefly describe the difference between attitude rating scales and ranking scales and indicate when the two are used.
-
Charlotte loves apples and hates bananas. Her utility function is U(a, b) = a b2, where a is the number of apples she consumes and b is the number of bananas she consumes. Wilbur likes both apples...
-
The following table gives the vapor pressure of water for various temperatures, previously reported in Exercise 5.2. Exercise 5.2 The following table gives the vapor pressure of water for various...
-
The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming...
-
Reddy Company is a merchandising firm. Next month the company expects to sell 500 units. The following data describe the company's revenue and cost structure: Selling price per unit. $60 Sales...
-
Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $150.000. The company makes monthly installments of $1,543, which include interest computed at an annual rate of 6...
-
Case 2-1. Audit of investment in equity investments at fair value through profit or loss; Substantive audit procedures. You were able to obtain the following ledger details of Equity investment-FVTPL...
-
Solve the following 1 - et x 1 + 2e* 00 37. lim 41. lim [In(1 + x) - In(1 + x)] X Do
-
The curve -4x + 2y + 3x - 7y=-6 is shown in the graph below in blue. Use the graph below to draw line tangent to the curve at the point (1, 1). Submit your answer by dragging the black point such...
-
Use Form 8594. Read the instructions to the form to address any uncertainty. You may also read Section 1060. The purpose of this section is to prescribe an approach to allocate a lump sum purchase or...
-
Following the consolidated results presented in the annual report of CSL, global Biotech company, 2021, answer the following questions: (i) What is your assessment of the performance of the company...
-
Comparative financial statements are provided for Bletchington Software Pty Ltd. Bletchington Software Ltd Extract from Income Statement Sales Revenue Cost of Sales Gross Profit Expenses...
-
The figure shows a retaining wall constructed on an existing ground where y= 18.0 kN/m and 6' = 36. The wall retains a 4.0 m high backfill consisting of loose sand with y= 18.0 kN/m and 6 = 30. Unit...
-
The graph of an equation is given. (a) Find the intercepts. (b) Indicate whether the graph is symmetric with respect to the x-axis, the y-axis, or the origin. -3 6 -6 3 x
-
Minor Cars Ltd., a small company selling second-hand cars, has just been taken over by Major Vehicles plc, which runs a chain of garages. One implication is that the existing accounting systems of...
-
The following adjustments need to be made in the accounts of Ricksu at the year-end 31.03.03. (a) Bad debts of £3,000 are to be written off against total trade receivables balance of...
-
Ephraim Electronics has the following information in respect of the accounting year ended 31 March 20X4. Administration...
-
(i) Consider the following data for an RBMK Reactor-Power \(1000 \mathrm{MW}(\mathrm{e}) / 3200 \mathrm{MW}\) th, coolant outlet temperature \(285^{\circ} \mathrm{C}\), Calculate coolant inlet...
-
Recall that Programming Exercise 7 in Chapter 8 asked you to design a program with two parallel arrays: a String array named people and a String array named phone Numbers. The program allows you to...
-
For the D-D reaction in Eq. (3.1), calculate the amount of energy produced from 1 mole of Deuterium gas and compare it with that of U-235. Data From Equation 3.1:- D+D=He (0.82 eV) + n(2.45 MeV) (3.1)
Study smarter with the SolutionInn App