50.1K

Verified Solution

Link Copied!

Question 6 Bank balances for Nana Kofi business are as follows: Balance as per bank statement, 31 July 2012 GH\&12,345 (Cr) Balance as per cash book (bank column), 31 July \( 2012 \mathrm{GH} \Varangle 38,086 \) (Dr) The following events were not yet recorded in the cash book: (i) A trade debtor's cheque for GH$5,000 was returned because of insufficient funds. (ii) Monthly bank charges amounted to GH120. (iii) During the month, the following sums were paid by standing orders: Insurance premium GH/1,220 Rent GH/2,600 4 (iv) A customer deposited a cheque for \( \mathrm{GH} \Varangle 3,900 \) directly into Nana Kofi business bank account on 20 July 2010. Additional information: (v) A cheque for GH/2,500 deposited into the bank account on 31 July 2012 did not appear on the bank statement. (vi) Post-dated cheques totalling GH23,000 were held in the cash till on 31 July 2012, but had already been recorded in the cash book as banked. (vii) The following cheques issued by the business were not presented to the bank for payment: (viii) A cheque payment of GH4,321 was entered into the cash book as GH4,123. Required: Prepare a bank reconciliation statement for the business as at 31 July 2012 without adjusting the cash book. Start with the balance as per bank statement

Answer & Explanation Solved by verified expert

See Answer