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Bank Reconciliation & Financial Statements Exercises

 

Exercise 1: Bank Reconciliation
 

Camilla Decorations received its bank statement for the month of March 2013. It showed a credit balance of $6,396.70.  The Cash at Bank account on 31 March 2013 had a debit balance of $6,110.70.  The following reconciling items were identified.
 

  1. Un-presented cheques amounted to $3,070.
  2. The bank statement included a $25 debit for bank service charges for the month.
  3. Cash taking of $2,003 for 31 March was placed in the bank’s night safe on that day but was not credited by bank until 1 April 2013.
  4.  

  5. The bank had debited a sum of $810 for a returned cheque originally received from a credit customer, Daniel Anderson in payment of his account for $900.
  6. Cheque number 8015 for $128 for sundry stationery items purchased had been incorrectly recorded in the cash book as $182.

Required
 

  • Prepare a bank reconciliation statement at 31 March 2013.
  • Prepare journal entries (in general journal format) to bring the business’ records up to date.
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    Exercise 2:  The Financial Statements
     

    Following balances are taken from the trial balance of Rita’s Mower Repairs on the 30th June
     

    Advertising $400
    Wages $21,000
    Parts Used $6,000
    Petrol and Oil $1,000
    Telephone and Internet $1,200
    Rent $11,000
    Insurance $1,500
    Equipment $7,000
    Stationary on hand $500
    Creditors $3,000
    Debtors $13,200
    Parts on hand $3,000
    Bank $7,200
    Donation $200
    Revenue $65,000
    Profit on sale of asset $1,000
    Drawings $500

     

    Note: Rita initially invested $7,500 into the business.
     


    Required

     

  • Prepare the statement of financial performance for the year ended 30th June 2013.
  • Prepare the statement of changes in equity
  • Prepare the statement of financial position as at 30th June 2013
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