Question

1.1 Complete the Cash Receipts Journal and Cash Payments Journal of Mika
Stores for March 2018 after taking the information provided into account. Use
only the columns illustrated below. In the details column write down the name
of the contra account e.g. Rent income.
(11)
Cash Receipts Journal
Details Bank
Total
b/f
Cash Payments Journal
Details Bank
Total
b/f
MODULE FUNDAMENTALS OF FINANCIAL ACCOUNTING
TOTAL MARKS 60 MARKS
1.2 Post to the Bank account in the General ledger of Mika Stores. Balance the
account.
(3)
1.3 Prepare the Bank Reconciliation Statement as at 31 March 2018. Use the
following format:
(6)
Bank Reconciliation Statement as at 31 March 2018
Debit Credit
INFORMATION
R
1. The bank column of each of the cash journals showed the following totals
before the March 2018 bank statement was received:
Cash Receipts Journal
Cash Payments Journal
300 000
350 000
2. A comparison of the cash journals of Mika Stores for March 2018 and the
Bank Reconciliation Statement for February 2018 with the bank
statement from Key Bank for March 2018 revealed the following
differences:
2.1 Entries that appeared on the bank statement but not in the cash
journals:
R
2.1.1 A cheque previously received from the lessee for rent was dishonoured
because of insufficient funds.
6 800
2.1.2 A debit order in favour of Telkom for the personal telephone account of
the proprietor.
3 800
2.1.3 Charges levied by Key Bank:
Service fees
Cash deposit fee
Interest on overdraft
1 500
1 000
100
2.1.4 A deposit by a debtor to settle his account of R6 200 6 000
2.1.5 A deposit by Key Bank for a successful loan application 50 000
2.2 Entries in the cash journals that did not appear in the bank
statement:
R
2.2.1 A deposit made on 31 March 2018 102 400
2.2.2 The following cheque issued during March 2018:
Cheque no. 520
8 700
3. Additional information R
3.1 Cheque no. 490 (dated 23 February 2018) which appeared in the Bank
Reconciliation Statement for February 2018 did not appear in the bank
statement for March 2018.
16 140
3.2 Cheque no. 460 issued to Rix Soccer Club during January 2018 as a
donation must be cancelled as the club no longer exists.
4 800
3.3 A deposit made by Rika Stores was erroneously reflected on the bank
statement of Mika Stores.
4 000
3.4 An entry was made in the Cash Payments Journal for a cheque to a
creditor
MS Suppliers for R10 000. The bank statement reflected the correct
amount of the cheque, R11 000.
3.5 The bank account in the ledger of Mika Stores reflected a debit balance
on
01 March 2018.
38 800
3.6 The bank statement showed an unfavourable balance on 31 March 2018.

Answer 1

Answer:

Cyndi rococo zucchini Chirico