Provide the bank reconciliation statement for month of may

Assignment Help Financial Accounting
Reference no: EM133000045

The Cash at Bank ledger account of "Cybertrax Trading" has a credit balance brought forward on 1 May 2009 of $1,345.80. The opening balance of the Bank Statement for the month of ~v1ay shovv's a credit balance of $2,578.95 and a closing debit balance of $1,857.55.

The total in the Cash Receipts Journal for the month of May amounts to $2,980.25 while the total in the Cash Payments Journal is $2,592.70.

A comparison of the Bank Statement and the Business Records reveals the following differences:

(a) Bank and Government charges for the month total $69.50.

(b) Monthly direct debit (automatic withdrawal) for insurance amounting to $100.

(c) Electronic transfer of funds from Monash Enterprises amounting to $670.00 for an outstanding account.

(d) Cheques that have not been presented at the bank during May are as follows:

401348 $110.50

401349 $430.20

401353 $216.75

Cheques that have not been presented at the bank from April's accounts are:

401322 $67.95

401325 $12.95

e) Deposits not banked by the 31 May amount to $1,878.15.

(f) Dishonoured Cheque from M. Samy for $360.00.

Required:

Problem (i) Provide the Cash at Bank ledger account for the 31 May 2009 and determine the final balance.

 

Problem (ii) Provide the Bank Reconciliation Statement for the month of May 2009, for "Cybertrax Trading"

Reference no: EM133000045

Questions Cloud

What is the firm cost of capital for rocketfuel limited : RocketFuel's shareholders require a 14.1% return on their investment. If the tax rate is 30%, what is the firm's cost of capital (WACC)?
What should tarheel report as its diluted earnings per share : What should Tarheel report as its diluted earnings per share for 20X1? Tarheel Corp.'s weighted-average number of common shares outstanding for 20X1 was 90,000
Journalize and post-closing entries : Interest on bank loan accrued but not paid on March 31 total Br 100 and Prepare post-closing trial balance
Impose on the lender to supply the client : Q. What obligation does the Privacy Act impose on the Lender to supply the client, in terms of certain information, if they decline an application due to the co
Provide the bank reconciliation statement for month of may : Bank and Government charges for the month total $69.50. Provide the Bank Reconciliation Statement for the month of May 2009, for "Cybertrax Trading"
What is the after tax savings : Raja wishes to include a car in his salary package. Car value is $40,000 and he travels 20,000 km a year (stat. rate 20%). Assume costs are $14,000 per year and
What is the beta of the stock : You are trying to calculate the beta for a stock by using data for the last 30 years. You find that the covariance of the stock and market returns per month is
Which account should be debited : Ellis Corp. is a local contractor. When Ellis pays the employees who work directly on the construction project, which account should be debited?
Appraise the values and ethics of leadership approaches : Evaluate resources and strategies to support leadership performance and judge the appropriateness of the tools and techniques for a range of health service

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd