Peter, the owner of Setia Enterprise found discrepancies between his Cash Book and Bank Statement for the Month of July 2014. The following discrepancies were identified.
Bank Statement RM2,215 (debit)
Cash Book ---------------RM9,900
The following discrepancies have also been found:
i. Standing instruction for insurance premises payment RM2,280 has not been recorded in the Cash Book.
ii. Dividend RM2,100 received from QMR Berhad has not been recorded in the Cash Book.
iii. A cheque of RM2,550 received from Sean has been returned by the bank indicating 'refer to drawer' but has not been recorded in the Cash Book.
iv. Cheques of RM3,600 for salary and payment of RM1,950 to Yuvadran have not been presented to the bank.
v. Cheque of RM1,560 for Abby has been debited by the bank but incorrectly recorded on the debit side of the cash book.
vi. Payment of RM25 has been debited by the bank for cheque book charges.
vii. A cheque of RM12,750 from Perniagaan Edalan has been deposited on 29 July but has not been credited by the bank.
Instructions:
1. Show the adjustment in the cash book on 31 July 2014.
2. Prepare a bank reconciliation statement on 31 July 2014.
(20 marks, 2015 Q6)
A.
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