FAC
exam pack from 2015 to 2017.pdf

115 p a g e fac1502 2014 solution 4 bank

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115 | P a g e
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FAC1502 2014 SOLUTION 4: BANK RECONCILIATION POMPEI TRADERS GENERAL LEDGER Bank Account Balance b/d 7950 Cash payments 12750 Cash receipts 15960 Bank charges R/D Cheque 650 2354 Balance c/d 8156 23910 23910 Balance b/d 8156 Bank reconciliation Statement as at 31 July 2011 Balance s as per bank statement 4756 Outstanding cheque 324 300 329 1300 333 950 Outstanding deposit 3600 Bank errors 2350 Bank account 8156 10706 10706 116 | P a g e
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FAC1502 2014 117 | P a g e
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FAC1502 2014 DUDU TRADERS GENERAL LEDGER ACCOUNTS Credit Losses Debtors control 2 450 Allowance for credit losses 150 Balance c/d 2 300 2 450 2 450 Balance b/d 2 450 Debtors Control Balance b/d 24 000 Credit losses 2 450 Bank 5 600 Balance c/d 28 150 Settlement discount allowed 877 VAT Output 123 30 600 30 600 Balance b/d 28 150 VAT Output Balance c/d 3 753 Balance b/d 3 489 Debtors control 123 Bank 141 3 753 3 753 Balance b/d 3 753 Credit Losses Recovered Balance c/d 1 009 Bank Balance b/d 1 009 1 009 Allowance for Credit Losses Credit Losses 150 Balance b/d 1 900 Balance c/d 1 750 Balance b/d 1 900 1 900 1750 NOTES (a) VAT Output has a credit balance. (b) Allowance for credit losses has a credit balance. (c) Debtors have got a debit balance. 118 | P a g e
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FAC1502 2014 OCTOBER – NOVEMBER 2012 119 | P a g e
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FAC1502 2014 122 | P a g e
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FAC1502 2014 SOLUTION 1: CASH TRANSACTIONS AND BANK RECONCILIATION Bank Reconciliation Statement 1.1 Cash Receipts Journal – July 2012 Provisional Total 6848 K. Kara state cheque 558 410 Cheque 824 Overstated (4600 - 4400) 200 Cancelled cheques 828 84 7542 Cash payments Journal – July 2012 Provisional Total 8893 Bank charges (21+21+6+40+6+75+25+12) 206 9099 1.2 Bank Account Balance b/d 2202 Total payments 9099 Total Receipts 7542 Balance c/d 645 9744 9744 Balance b/d 645 1.3 Bank Reconciliation Statement as at 31 July 2012 Balance as per bank statement Outstanding Deposits Bank Error Outstanding cheques: 813 827 829 Balance as per bank statement Debit 200 152 376 685 645 Credit 906 1 152 2 058 2 058 Calculation of bank error Bank closing balance on 7 July after cash deposit fee of R21 3 704 Cash Deposit fee 7 July (just after above balance) 6 Correct balance after above transaction 3 698 Balance as per bank statement after above transaction 3 998 Overstatement of balance 290 Closing balance on 20 July 1 644 Withdrawal 25 July 294 Correct closing balance on 25 July 1 350 123 | P a g e
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FAC1502 2014 Closing balance on 25 July 1 260 Understatement of bank balance on bank statement ( 90) Overall overstatement on bank statement 200 124 | P a g e
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FAC1502 2014 SOLUTION 2: STATEMENT OF FINANCIAL POSITION AND GENERAL LEDGER ACCOUNTS (FINAL) 2.1 Inventory account Balance b/d (opening) 13800 Trading account 13800 Trading account 15335 29135 Balance c/d (closing) 15335 29135 Balance b/d 15335 Profit / Loss Account Credit losses 349 Commission income 15000 Depreciation 15400 Rent income 3800 Insurance 2750 Credit losses recoded 2500 Packing materials 4300 Trading account (gross profit) 102609 Loss on sale of asset 5700 Wages 51325 Water & electricity 4400 Capital (profit or loss ) 39685 123909 123909 NOTES Capital is balancing figure and if on the debit side, the trader has made a profit and if on the credit side a loss.
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