Reference no: EM133079524
Question - Safari Ltd. books show a cash balance of Kshs.20,502,000.00 as at 31st December 2019. The bank statement covering the year ending 31 December 2019 shows a bank balance of Kshs.22,190,000.
Scrutiny of Safari's accounting records and bank statements identified the following reconciling items.
A deposit of Kshs.3,680,000 that the company mailed on 31st December 2019 does not appear on the bank statement.
Checks written in December but not presented are:-
Cheque No. 7327 150,000.00
Cheque No. 7438 4,820,000.00
Cheque No. 7349 31,000.00
Safari has not yet recorded the Kshs.600,000.00 of interest collected by the bank directly on 20th December 2019 for bonds held by the Bank on its behalf
Bank service charges of Kshs.18,000 are yet to be recorded in Safaris books.
The bank returned one of Safaris customers cheques for Kshs.220,000 with bank statement marked "NSF" meaning no sufficient funds. The Bank treated this as a disbursement.
Safari discovered that it incorrectly recorded check #7322 written in November for Ksh.131,000 in payment of a vendor as Kshs.311,000.
A cheque for Nafaka Ltd. amounting to Kshs.175,000 that the Bank incorrectly charged to Safari Ltd.
Required -
(a) Adjusted cashbook showing the correct cash book balance.
(b) Bank reconciliation statement for Safari Ltd. as at 31st December 2019.
(c) Journal entries to adjust and correct Safari Ltd. Books.
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