Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following is the cash book summary from gemini

The following is the cash book summary from Gemini Enterprise for the month of May...

70.2K

Verified Solution

Question

Accounting

image
The following is the cash book summary from Gemini Enterprise for the month of May 2018. Cash Book RM 256 Balance b/f 122 Purchase RM Debtors Commission received Sales Balance c/f 6,110 108 590 450 Creditors 6,407 Stationeries Salaries 156 215 Drawings 56 7,235 7,235 Balance b/f The following information was not taken into consideration: a. Bank charges of RM77 was shown in the bank statement but was not recorded in the cash book. b. Two cheque issued to creditors of RM323 and RM560 were not recorded in the bank statement. c. Three cheque issued to debtors of RM102, RM400 and RM320 each were not recorded in the bank statement. d. A cheque received from debtor of RM150 was not honoured by the bank and was not adjusted in the cash book. e. Standing order of RM250 for trade fee was debited in the bank statement but was not recorded in the cash book. f Credit transfer from customer to pay his debts of RM600 was not recorded in the cash book. Required: i. Update the cash book. (9 marks) ii. Prepare Bank Reconciliation Statement using adjusted cash book. (10 marks) iii. Explain THREE (3) objectives of Bank Reconciliation. (6 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students