Accounting Bank Reconciliation Statement Assignment Homework Help
- July 27, 2017
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- Category: Accounting QA
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Rose Gamgee has just started small florist shop. She has kept basic accounting records for her first month, but so far has never prepared a bank reconciliation statement.
Details of the relevant records that she has kept are as follows
Rose Gamgee: Cash payments Book | |||
Date | Chq No. | Item | Payment $ |
June 2016 | |||
4 | 001 | Bulky landscaping | $300.00 |
9 | Cash | Drawings by owner | $250.00 |
13 | 002 | Bouncy Tyres Ltd | $ 90.50 |
14 | 003 | BP fuel | $ 65.50 |
18 | 004 | Wages for cleaner | $100.00 |
26 | 005 | Flower wholesalers | $400.00 |
28 | 006 | KJ Rentals | $600.00 |
TOTAL PAYMENTS | $1,806.00 |
Rose Gamgee: Cash receipts Book | |||||
Date | Rec No. | Item | Payment $ | ||
June 2016 | |||||
1 | Cash invested by owner | $6,000.00 | |||
9 | 1 | Cash sales week 1 | $380.00 | ||
16 | 2 | Cash sales week 2 | $420.50 | ||
14 | 3 | Accounts rec. F. Baggins | $ 65.00 | ||
23 | 4 | Cash sales week 3 | $400.00 | ||
30 | 5 | Cash sales week 4 | $630.50 | ||
30 | 6 | Accounts rec. A. Elf | $100.00 | ||
TOTAL RECEIPTS | $7,996.00 |
Rose Gamgee: General Ledger | |||||||||
Cash at bank account | |||||||||
Date | Item | DEBIT | CREDIT | BALANCE | |||||
June 2016 | Receipts | $7,996 | |||||||
Payments | $1,806 | $6,190 Dr | Dr |
Statement of Account | |||||||||
B. Wolf Bank – Easy Street, Brisbane | |||||||||
Account Number: 10065 Page No. 1 | |||||||||
Date | Particulars | Debit | Credit | Balance | |||||
1-Jun-16 | Balance forward | $0 | |||||||
2-Jun-16 | C/C | $6,000.00 | $ 6,000.00 | CR | |||||
3-Jun-16 | B. Wolf Bank establishment fee | $202.00 | $ 5,798.00 | CR | |||||
Rapacious Insurance Co. | $1,200.00 | $ 4,598.00 | CR | ||||||
9-Jun-16 | Cash withdrawal | $250.00 | $ 4,348.00 | CR | |||||
13-Jun-16 | 001 | $300.00 | $ 4,048.00 | CR | |||||
C/C | $380.00 | $ 4,428.00 | CR | ||||||
17-Jun-16 | C/C | $420.50 | $ 4,848.50 | CR | |||||
20-Jun-16 | C/C | $65.00 | $ 4,913.50 | CR | |||||
21-Jun-16 | 002 | $90.50 | $ 4,823.00 | CR | |||||
23-Jun-16 | 004 | $100.00 | $ 4,723.00 | CR | |||||
24-Jun-16 | C/C | $400.00 | $ 5,123.00 | CR | |||||
30-Jun-16 | 005 | $500.00 | $ 4,623.00 | CR | |||||
Interest | $2.00 | $ 4,625.00 | CR | ||||||
Fees and charges | $5.00 | $ 4,620.00 | CR |
Notes:
The correct amount for cheque number 005 is $400.00.
C/C stands for ‘cash or cheques’
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Required
1. Explain to Rose what a bank reconciliation statement is and why it is important for her business to prepare one each month. Illustrate your answer with reference to the work you have carried out for part 2 in drawing up her bank reconciliation statement for June (i.e. give some examples to support your explanation).
2. From the following information prepare a bank reconciliation statement for June 2016. You are not required to do the necessary journal entries to adjust the Cash at Bank Account in the General Ledger, but your reconciliation statement should show the steps taken to adjust the cash balance in the business records .
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