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At 31 August 2020 Lackson's bank statement showed a balance at bank of K12, 500. When Lackson checked his Cash book he found the following:
i. A payment of K25, 000 into the bank on 3151 August 2020 does not appear on the bank statement.
ii. Cheques totalling K40, 6250 sent to customers on 29th August 2020 did not appear on the bank statement.
iii. The bank statement shows that Wilson's account has been debited with bank charges of K500. These have not been recorded in the cash book.
Required:
Question a) Prepare Lackson's bank reconciliation at 31st August 2020.
Question b) Calculate Lackson's cash book balance at 31 August 2020 before it was corrected.
Question c) Describe THREE reasons why the bank may not honour a cheque.
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