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"