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QUESTION 3 (15 Marks) You went for a job interview as an accountant at PKP Bhd....

QUESTION 3

You went for a job interview as an accountant at PKP Bhd. During the interviewing session, you were asked with regards to your ability to do a reconciliation of the bank statement. In confirming your ability, the interviewer handed over the following information for 30 June 2020:

   (i) The bank statement balance is RM14,070.

(ii) The cash account balance is RM15,141.

(iii) Outstanding checks amounted to RM2,145.

(iv) Deposits in transit are RM3,060.

  1. The bank service charge is RM120.

(vi) A check for RM95 for supplies was recorded as RM59 in the ledger.

REQUIRED:

  1. Prepare the bank reconciliation statement of PKP Bhd for 30 June 2020.

  1. Discuss any TWO (2) basic guidelines for the control of cash in a company.

           

(c) State any TWO (2) policies and procedures demonstrating the primary purpose of internal control in a company.

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Answer #1

The bank reconciliation statement is as follows:

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