Complete the Table by Choosing

Complete the Table by Choosing one of the following options toanalyse each Transaction of Ben Bicycle Traders for February2020

Yes – Debit entry

Yes- Credit Entry

No Entry

Transaction:

General Journal

Bank account (General Ledger)

Bank Reconciliation Statement

A comparison of the Bank Statement of Bicycle Traders forFebruary 2020 with the Bank reconciliation Statement at 31 January2020, and the Cash Reports for February 2020, revealed thefollowing:

  1. The Bank account at 31 January 2020 had an unfavourable balanceof R11 000
  2. The cash Reports of Feb 2020 reflected the following amounts:
    1. Total Cash Receipts of R45390
    2. Total Cash payments of R39650
  3. The Bank Reconciliation statement at 31 January 2020 reflectedthe outstanding Deposit of 2 Debtors, Z. Bently for R4300 and A.Roggers for R3500 . The bank credited the deposit From Z Bently on1 Feb 2020
  4. On 5 Feb 2020 , it was discovered that the A.Roggers a Debtor ,provided a Fictitious proof of payment on 31 January 2020 to theaccountant of Bicycle Traders . The amount of R3500 was notdeposited into the bank account .
  5. An amount paid for telephone was entered incorrectly as R2509in the cash payments report , but shown correctly as R2905 on thebank statement .
  6. The following amount appeared on the bank statement but wasn’trecorded by the accountant in the cash reports
    1. Interest on a Fixed Deposit R895
    2. Stop Order for insurance R1245
  7. On 29 Feb 2020, a tenant of Ben Bicycle, D Donald, paid R2000of his total rental of R6500 in cash and the balance via EFT. Thecash received and the EFT were correctly recorded by the entity.The accountant however only deposited the cash on 1 March 2020, theEFT immediately reflected in the Bank account
  8. The bank statement reflected an unfavourable balance of R11506on 29 Feb 2020

Answer:

Bank Reconciliation statementas on Feb.28,2020
Balance as per Cash book(-11000+45390-39560) -5260
Less:Fictitious deposit -3500
Less: Short-debit of telephone pmt.check -396
Add: interest on fixeddeposits 895
Less:Cash not yet deposited(Feb29) -2000
Less: Stop order charges forinsurance -1245 -6246
Balance as per Cash book -11506
Balance as per Bank -11506
Rectification Journal entriesin Ben’s books Debit Credit
Debtor a/c-A.Roggers 3500
Cash 3500
Telephone charges 396
Cash 396
Cash 895
Interest revenue 895
Bank charges 1245
Cash 1245
Transaction: General Journal Bank account (General Ledger) Bank Reconciliation Statement
The Bank account at 31 January 2020 had an unfavourable balanceof R11 000 YES
The cash Reports of Feb 2020 reflected the followingamounts:
Total Cash Receipts of R45390 YES
Total Cash payments of R39650 YES
The Bank Reconciliation statement at 31 January 2020 reflectedthe outstanding Deposit of 2 Debtors, Z. Bently for R4300 and A.Roggers for R3500 . The bank credited the deposit From Z Bently on1 Feb 2020 YES
On 5 Feb 2020 , it was discovered that the A.Roggers a Debtor ,provided a Fictitious proof of payment on 31 January 2020 to theaccountant of Bicycle Traders . The amount of R3500 was notdeposited into the bank account . YES YES YES
An amount paid for telephone was entered incorrectly as R2509in the cash payments report , but shown correctly as R2905 on thebank statement . YES YES
The following amount appeared on the bank statement but wasn’trecorded by the accountant in the cash reports
Interest on a Fixed Deposit R895 YES YES
Stop Order for insurance R1245 YES YES
On 29 Feb 2020, a tenant of Ben Bicycle, D Donald, paid R2000of his total rental of R6500 in cash and the balance via EFT. Thecash received and the EFT were correctly recorded by the entity.The accountant however only deposited the cash on 1 March 2020, theEFT immediately reflected in the Bank account NO NO NO
The bank statement reflected an unfavourable balance of R11506on 29 Feb 2020 YES

 
"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
4.9
Sitejabber
4.6
Trustpilot
4.8
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.