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Week+12 - FINANCIAL ACCOUNTING(ACC1006S SUGGESTED SOLUTIONS...

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FINANCIAL ACCOUNTING (ACC1006S) SUGGESTED SOLUTIONS TUTORIALS WEEK 12 – NOT HANDED IN TUTORIAL 40 (solution): BR001 1. (6 marks) Bank account Balance 61 Bank charges 330 Stationery (920 – 290) 630 Balance 1 413 Trade Receivables 902 Interest income 150 1 743 1 743 Balance 1 413 2. (6 marks) Bank reconciliation statement at 31 March 2006 Dr balance as per Bank Statement at 31 March 2006 (R228) Add: Outstanding deposit 5 266 Less: Outstanding cheques No 101 (980) No: 102 (926) No: 103 (855) Less: Error on bank statement (864) Dr balance as per bank account in the general ledger at 31 March 2006 R1 413 No marks if students do not indicate whether amounts should be added or subtracted from the bank statement balance. 3. 3.1 4 000 – (920 – 290) – 400 = 2 970 3.2 12 000 – 450 - (926 + 855) = 9 769 4. Balance sheet of Zubedia’s Kitchen as at 31 March 2006 Current Assets Bank 1 413 Page 1 of 8
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TUTORIAL 41 (solution): BR003 (a) 30.06.05 Dr Bank 55 340 (½) Cr Sales 21 000 (½) Cr Trade Receivables 17 540 (1) Cr Commission income 1 800 (1) Cr Capital 15 000 (1) [4] (b) Bank account (c) The purposes of preparing a bank reconciliation statement include the following: It is an important control measure, which enables a business to check the accuracy and reliability of its records by comparing the records of the business with those of the bank. It enables the business to update its records periodically and to identify and correct any errors made. It assists in revealing errors made by the bank. It explains why the bank account balance (in the general ledger) differs from the bank statement balance. [Maximum of 1 mark] (d) Bank Reconciliation Statement Balance per Bank Statement 30 025 Less: Unpresented Cheques No. 643 (540) No. 646 (920) No. 648 (4 755) Add: Outstanding deposits 4 340 1 560 Bank Error (Incorrect Credit) (680) Balance per Bank Account 29 030 Page 2 of 8 R R 01.06.05 Balance b/d (½) 14 410 30.06.05 Total payments (½) 42 420 30.06.05 Total receipts (½) 55 340 30.06.05 Balance c/d 27 330 69 750 69 750 30.06.05 Balance b/d 27 330 Trade Receivables or G. Powell (1) (½) 1 610 30.06.05 Insurance (½) (½) 660
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