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Question - At 31 July 2014 Cha Ya Wen had a debit balance of $8 000 in the bank column of his cash book. His bank statement showed a credit balance of $5 600 at the same date.
On comparing the cash book with the bank statement the following discrepancies were found:
(i) Bank charges of $150 appeared in the bank statement but had not been entered in the cash book.
(ii) A credit of $450 for dividends received had not been entered in the cash book.
(iii) Cheques received from customers amounting to $3 500 had been entered in the cash book but had not yet been credited by the bank.
(iv) A cheque for $1 200 received from a customer had been returned by the bank marked 'insufficient funds for payment'.
(v) Cheques issued by the business amounting to $2 000 were recorded in the cash book but did not appear in the bank statement.
Required -
(a) Update the bank columns of Cha Ya Wen's cash book for the month of July 2014.
(b) Prepare bank reconciliation statement as at 31 July 2014.
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