Question
DROP OUT STORES BANK RECONCILIATION STATEMENT AT 30 APRIL 2007 Cr. Balance per bank statement R1324...
DROP OUT STORES BANK RECONCILIATION STATEMENT AT 30 APRIL 2007
Cr. Balance per bank statement R1324 Add: outstanding deposit R180 = R1 504
Less: outstanding Cheques: No. 361- R 84/ Chq366-R265/ Chq367-R80/ Chq368 - R50/ Chq370- R35
Dr. balance per cash book Balances at 31 May 2007: bank statement (favourable) R324. Cash book (dr. )R384
Items on May bank statement, but not in May cash book:
1. Deposit: R180
2. Telegraphic transfer on 20 May by debtor, W. Pay, to settle
rent for building, R205.
3. Cheques no: 361 - R48 / Chq no : 367-R80 Chq 724: R16.
4. Bank charges, R14
. Interest on overdraft, R10.
5. Cheque from D. Hans (a debtor) dishonoured, R125.
Items in May cash book, but not on May bank statement:
1. Deposit R560
2. Cheque no. 401-R30. Chq 403-R45
The following became apparent from answers to queries:
1. Cheque no. 361 was issued for wages and the correct amount is R48.
2. Cheque no. 368 was issued to a debtor who had duplicated his payment. The debtor returned the Cheque and requested that the overpayment be held against his June account. 3. Cheque no. 366 was issued to pay a creditor, Fox Ltd. It was lost in the post and a new Cheque, no. 372, was issued and again debited to Fox Ltd.
4. Cheque no. 724 was drawn by Drop Inn Store.
REQUIRED:
The bank will make a correction in June. Required (a) Draw up the bank reconciliation statement at 31 May 2007, and (b) Complete the cash book.
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