Camilla Finance Assingment Help With Solution

Posted on March 31, 2017

Camilla Finance Assingment Help With Solution

 

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. 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.
5. Cheque number 8015 for $128 for sundry stationery items purchased had been incorrectly recorded in the cash book as $182.
Required:
a. Prepare a bank reconciliation statement at 31 March 2013.
b. Prepare journal entries (in general journal format) to bring the business’ records up to date.

 

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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:

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

 

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