Reference no: EM132466055
Bank Reconciliation
On writing up the cash book of Thomas Jones to 31 March 2019, you find that the totals for the month are debits $78630 and credits $80200, the bank balance brought forward from 28 February 2019 being included in these totals.
On obtaining the bank statement you find a debit balance of $1860 and find the following differences between the items recorded in the cash book and the bank statement Items on Bank Statement but not in Cash Book as at 31 March 2019
point 1. Charge for cheque book $20
point 2. Interest charged on overdraft $150
point 3. Amount credit but which should have been paid into the account of Mrs Jones.. $380
point 4. Direct deposits W.Wilson $50 and R.Davis $170
point 5. Interest Credited $100
Items in Cash Book but not on Bank Statement as at 31 March 2019
point 1. Lodgement 31 March 2019... $1250
point 2. Cheques drawn but not presented for payment
- No. 463...$50
- No. 469... $180
- No. 470... $200
Complete the writing up of the Cash Book and prepare Bank Reconciliation Statement. Note that a cash book is a combined cash payment journal and cash receipts journal.
Constructing Financial Statements
The following information pertains to Alley Cat, Engineering Sole Trader for the year ended 30 June 2019.
Account Debit ($) Credit ($)
Cash 18 700
Accounts receivable 119 200
Prepaid rent 11 500
PPE 119 900
Accumulated depreciation - PPE 16 200
Accounts payable 69 500
Salaries payable 51 100
Unearned service revenue 1 900
A.Cat, Capital, 1 July 2018 139000
A.Cat, Drawings 9 500
Service revenue 116 900
Salaries expense 84 600
Rent expense 11 900
Depreciation expense 8 900
Advertising expense 9 800
Stationary expense 600
Total 394 600 394 600
Required
Question 1: Prepare an income statement (profit and loss statement) for the period ended 30 June 2019.
Question 2: Prepare a statement of financial position (balance sheet) as at 30 June 2019
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