QUESTION 1 BANK RECONCILIATION The information givenbelow was extracted from the accounting records of Mika Stores.REQUIRED 1.1 Complete the Cash Receipts Journal and Cash PaymentsJournal of Mika Stores for March 2018 after taking the informationprovided into account. Use only the columns illustrated below. Inthe details column write down the name of the contra account e.g.Rent income. (11) Cash Receipts Journal Details Bank Total b/f CashPayments Journal Details Bank Total b/f MODULE FUNDAMENTALS OFFINANCIAL ACCOUNTING TOTAL MARKS 60 MARKS 1.2 Post to the Bankaccount in the General ledger of Mika Stores. Balance the account.(3) 1.3 Prepare the Bank Reconciliation Statement as at 31 March2018. Use the following format: (6) Bank Reconciliation Statementas at 31 March 2018 Debit Credit INFORMATION R 1. The bank columnof each of the cash journals showed the following totals before theMarch 2018 bank statement was received: Cash Receipts Journal CashPayments Journal 300 000 350 000 2. A comparison of the cashjournals of Mika Stores for March 2018 and the Bank ReconciliationStatement for February 2018 with the bank statement from Key Bankfor March 2018 revealed the following differences: 2.1 Entries thatappeared on the bank statement but not in the cash journals: R2.1.1 A cheque previously received from the lessee for rent wasdishonoured because of insufficient funds. 6 800 2.1.2 A debitorder in favour of Telkom for the personal telephone account of theproprietor. 3 800 2.1.3 Charges levied by Key Bank: Service feesCash deposit fee Interest on overdraft 1 500 1 000 100 2.1.4 Adeposit by a debtor to settle his account of R6 200 6 000 2.1.5 Adeposit by Key Bank for a successful loan application 50 000 2.2Entries in the cash journals that did not appear in the bankstatement: R 2.2.1 A deposit made on 31 March 2018 102 400 2.2.2The following cheque issued during March 2018: Cheque no. 520 8 7003. Additional information R 3.1 Cheque no. 490 (dated 23 February2018) which appeared in the Bank Reconciliation Statement forFebruary 2018 did not appear in the bank statement for March 2018.16 140 3.2 Cheque no. 460 issued to Rix Soccer Club during January2018 as a donation must be cancelled as the club no longer exists.4 800 3.3 A deposit made by Rika Stores was erroneously reflectedon the bank statement of Mika Stores. 4 000 3.4 An entry was madein the Cash Payments Journal for a cheque to a creditor MSSuppliers for R10 000. The bank statement reflected the correctamount of the cheque, R11 000. 3.5 The bank account in the ledgerof Mika Stores reflected a debit balance on 01 March 2018. 38 8003.6 The bank statement showed an unfavourable balance on 31 March2018. ?
