Required 2. Using the information below complete a bank reconciliation for Rita for the month of August.
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Rita has also come to realise that even though she now has better control over her accounts receivable this will

no benefit her greatly if her management and control of the cash they bring in is poor. Rita has been doing a little reading and has found that one useful tool in controlling cash is the bank reconciliation statement. A friend of Rita's helped her manage bank reconciliation at the end of last month but Rita is a little uncertain about its accuracy and would like you to do the months reconciliation for her.Screen Shot 2019-10-14 at 6.02.16 pm.pngScreen Shot 2019-10-14 at 6.03.04 pm.png

Screen Shot 2019-10-14 at 6.02.16 pm.png

Required
2. Using the information below complete a bank reconciliation for Rita for the month of
August.
Bank Statement
Date
Particulars
Debits
Credits
Balance
2004
Aug-01
$ 8 860 Cr
2
295
$840
$1 180
200 Cr
3
296
700
976
9 476 Cr
5
297
960
712
9 228 Cr
8
300
2 248
1 080
8 060 Cr
12
298
336
7 724 Cr
301
388
14
299
168
508
7336 Cr
17
303
540
1 020
7 676 C
21
1 460
8 156 Cr
27
304
1336
500
9 616 Cr
29
980
8 780 Cr
30
Ret Cheque
500
9 760 Cr
Direct Deposit
1988
9 260 Cr
Account Fees
16
11 248 Cr
11 232 Cr
TOTAL DEBITS
TOTAL CREDITS
$8032
$10 404
Cash Receipts Journal
Cash Payments Journal
Date
Cash at bank
Cheque no.
Cash at bank
Perfect Cover Insurance Brokers
Aug 1
$1 180
296
$700
Bank Reconciliation Statement
2
976
297
960
as at 31 July
5
712
298
336
Balance as per bank statement
$8860 Cr
8
1 080
299
168
Less:
13
508
300
2 248
Unpresented
No. 290
$544
17
1 020
301
388
cheques:
295
840
1384
20
1460
302
496
26
500
303
740
Balance as per Cash at Bank
28
980
304
1 336
account
$7476 Dr
30
1 140
305
420
TOTAL
$9 556
TOTAL
$7 792
Additional information reveals that Cheque 303 is correct in the bank statement but was
incorrectly recorded in the Cash Payments Journal.

Screen Shot 2019-10-14 at 6.03.04 pm.png

Cash at Bank Perfect Cover Insurance Brokers
Bank Reconciliation Statement
as at 31 August Rita is a little bit happier now and can see the benefit of regularly doing a bank mam—alien:
M is still a little concerned about her cash controls. Cheque number 295 was cashed to
reimburse Rita’s petty cash fund. Rita had read about using a petty cash fimd to pay for small
purchases and withdrew $1000 for this purpose. At the end of each month one of Rita’s
assistants, Who is responsible for managing this fund, asks Rita to sign a blank cheque so they
can use it bring the fund back up to $1000, depending on what is remaining at the end of the
month. Rita has recently asked her assistant to provide a summary of payments for the last few
months. When asked the assistant says that Rita never asked them to keep records, just to hand
out the money to those employees that needed to make small purchases and then count up what
was remaining at the end of the month.

Top Answer

I presented below two methods for bank reconciliation. The... View the full answer

19607643 bank recon.png

Per Books Per Bank
August beg
7,476.00
8,860.00 August beg
Receipts
9,556.00
10,404.00 Credits
Disbursement
(7,792.00)
(8,032 00) Debits
August end
9,240.00
11,232.00 August end
1,140.00...

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