All answers are numbers which consist only of the digits 0 to 9. Symbols or punc

Question

All answers are numbers which consist only of the digits 0 to 9. Symbols or punctuation marks should NOT be incorporated in answers.

Every cell must be completed.

Complete the following bank reconciliation and the journal entry to take up all relevant adjustments.

The bank statement balance as at 31 May 2016 is $60,000 Cr.

Cheque Number 0615 for $3,000 was in the Cash Payments Journal but not on the bank statement.

There was a deposit in the Cash Receipts Journal for $6,000 on 31/05/16 that did not appear on the bank statement.

The Cash at Bank account in the General Ledger for Beta Technologies has a debit balance of $58,000 as at 31 May 2016.

The bank statement has an EFT receipt from a client on account of $4,000 and interest of $1,000 on 31/05/16 that do not appear in Beta's records.

Bank Reconciliation (9 marks)

Journal (6 marks)

Bank Balance as at 31 May 2016 Answer Subtract: Answer Outstanding Cheques OR Deposits in Transit OR Bank Fees OR EFT Receipts Detail: Answer 0615 OR 31/05/16 Answer Add: Answer Deposits in Transit OR Bank Fees OR Outstanding Cheques Detail: Answer 31/05/16    OR 0615 Answer Adjusted Bank Balance    Answer Cash At Bank account balance   Answer Add: Answer EFT Receipts OR Outstanding Cheques OR Deposits in Transit Answer Add: Answer Bank Fees Interest Earned OR EFT Receipts Answer Adjusted Cash Book Balance Answer

Explanation / Answer

Below is the answer, let me know in case any further clarification required - Bank Balance as at 31 May 2016 60000 Subtract: Outstanding Cheques Detail: Answer 0615 OR 31/05/16 -3000 Add: Deposits in Transit Detail: Answer 31/05/16    OR 0615 6000 Adjusted Bank Balance    63000 Cash At Bank account balance   58000 Add: EFT Receipts 4000 Add: Interest Earned 1000 Adjusted Cash Book Balance 63000 Journal (6 marks) Dr Cr 31/05/16 Cash At Bank 4000 Interest 1000 Accounts Receivable 3000

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