Bank reconciliation - Perdisco Assignment PDF

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Perdisco Assignment...

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Bank reconciliation

14/10/2019, 12 : 50 AM

Manual Accounting Practice Set Ball-Mart, Australasian Edition 3

Feedback: Bank reconciliation This is a feedback page. Please review this page carefully because later pages in this practice set build on the feedback provided here. After you have reviewed your feedback page, click Continue at the bottom of this page to move on to the next page of your practice set.

Your progress

Your grading Your grading outcome (still in progress) Awarded Total Points (prior to this page)

506

646

Points (on this page)

191

191

−

444

Points (after this page) Total

Completed:

697 1,281

57% (approximately)

Remaining pages will take: up to 9 hours The time frames we provide are a guide only. It may take you more or less time to complete each step.

Now that you have finished recording all of the transactions for the month of June, you are required to prepare a bank reconciliaton as at 30 June 2019. The purpose of the bank reconciliation process is to reconcile the balance of cash shown in the company's ledger account agains the balance of cash reported in the bank statement. Instructions for bank reconciliation 1) Identify any reconciling items and record the relevant reconciling items in the appropriate journals. To do this, you will need to use: the previous month's bank reconciliation statement, and the current month's bank statement

Note that the general journal is not provided on this page of the practice set because you are required to use other journals to record those reconciling items. When you enter items into the journals, if a cheque number is not required, you need to fill the appropriate input box with an X. 2) Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures. 3) Total the Cash at Bank columns in the special journals. Record the amount in the Total row of each journal. On this web page, you are not required to total the rest of the columns in the special journals. You will total these columns and post them to the ledger in the next stage of the practice set. 4) Post the total of the Cash at Bank columns in the special journals to their corresponding ledger account. To confirm that https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Bank reconciliation

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the posting has been performed, a posting reference is recorded in the last row of the special journals. 5) Prepare the bank reconciliation statement as at 30 June 2019. The bank reconciliation statement provided below may contain more rows than required. All answers can be entered as positive or negative numbers as required. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. When completing the journals, if a cheque number is not required, you need to fill the appropriate input box with an X. You are also required to apply the journals and ledgers instructions provided in previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.

Show All Bank Reconciliation

Special Journals

Subsidiary Ledgers

General Ledger

Ball-Mart Bank Reconciliation Statement As at 30/06/2019 36257 CR

Balance as per bank statement: Add: deposit in transit

47554

deposit in transit

8050

deposit in transit

2695

58299

Total

94556 CR

Less: unpresented cheque

No.

656

14628

No. No. No. Total

14628

Adjusted bank balance

79928 CR

Balance as per ledger account

79928 DR

Feedback

https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Bank reconciliation

14/10/2019, 12 : 50 AM

Ball-Mart Bank Reconciliation Statement as at 30/06/2019

Balance as per bank statement:

36,257 CR

Add: deposit in transit

47,554

deposit in transit

8,050

deposit in transit

2,695

58,299 94,556 CR

Less: unpresented cheque

No. 656 14,628

14,628

Adjusted bank balance

79,928 CR

Balance as per ledger account

79,928 DR

(Q=801.cashJournalsBankRec)

CASH RECEIPTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the appropriate account credited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column. The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to applicable cash receipts).

Date Jun

Account

Post Ref.

4 Sales Revenue

Debit Cash at Bank

Credit

GST

Discount Allowed

Sales Revenue

GST

9,840

984

Other Accounts Receivable Accounts

Cost of Sales

X

10,824

110-1

5,445

X

16,940

Jun 17 ARC - Croquet and Cricket

110-3

47,554

47,554

Jun 18 ARC - Jump Around

110-6

6,100

6,100

Jun 18 Sales Revenue

X

12,474

11,340

1,134

7,560

Jun 25 Sales Revenue

X

30,624

27,840

2,784

16,590

110-4

8,050

X

2,695

403

614

0

110-6

-6100

0

Jun 10 ARC - Mick's Sporting Goods Jun 11 Sales Revenue

Jun 29 ARC - Balls 'n All Jun 29 Sales Revenue Jun 30

Interest Revenue

Jun 30

ARC - Jump Around

55

550

4,510 6,050

15,400

1,540

7,480

8,050 2,450

245

1,250

0

0

0

0

614

0

0

0

0

-6100

0

0

Jun 30 Jun 30 Jun 30 Jun 30 135220

https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Bank reconciliation

14/10/2019, 12 : 50 AM

Total Post Reference

(

100 )

CASH PAYMENTS JOURNAL Note: In order to receive full points, for each transaction you must select an account under the column labelled 'Account', as indicated under the additional instructions above. Since all transactions in this journal affect the Cash at Bank account, you are asked to enter the name of the appropriate account debited in these transactions into the Account column so that the type of transaction can be determined by the name of the account entered into this column. The two GST columns in this journal refer to the same GST account (being the account that is used to record the GST related to applicable cash payments).

Date

Account

Cheque No.

Post Ref.

X

Jun

2 Inventory

645

Jun

4 APC - Hike

646 210-4

Jun

4 Wages Payable

647

Jun

7 APC - Extreme Sports Inc

648 210-2

Jun

9 Electricity Payable

649

221

Jun 11 Wages Expense

650

X

Jun 14 APC - Sports 'R Us

651 210-5

Jun 15 Prepaid Rent

652

140

Jun 18 Wages Expense

653

X

Jun 25 APC - J. J. Spud

654 210-3

Jun 25 Wages Expense

655

Jun 28 APC - Sport Borders

656 210-1

Jun 30 Inventory

657

X

Jun 30 Salary Expense

658

545

X

572

Jun 30

Bank Charges

Debit Accounts Payable

GST

324

Credit

Other Wages Inventory Expense Accounts

Cash at Bank

3,240

Discount Received

3,564

6,050

5,929

220

GST

1,057

1,000

110

18

180

0

0

2,057

19,800

19,602 131

11

1,310

1,441

1,891

1,891

9,800

9,800 280

2,800

3,080

2,038

2,038

51,450

51,450

X

1,666

1,666

14,628

14,628 420

0

0

4,200

0

4,620

0

5,100

5,100

11

11

Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 126877

Total Post Reference

(

100 )

Feedback

CASH RECEIPTS JOURNAL Date https://www.perdisco.com/elms/qsam/html/qsam.aspx

Post

Debit

Credit

Cost of Page 4 of 9

Bank reconciliation

14/10/2019, 12 : 50 AM

Ref.

Account Jun

4 Sales Revenue

X

Jun 10 ARC - Mick's Sporting Goods

Cash at Bank

Sales Discount Allowed Revenue

GST

10,824

9,840

984

15,400

1,540

Sales 4,510

110-1

5,445

X

16,940

Jun 17 ARC - Croquet and Cricket

110-3

47,554

47,554

Jun 18 ARC - Jump Around

110-6

6,100

6,100

Jun 18 Sales Revenue

X

12,474

11,340

1,134

7,560

Jun 25 Sales Revenue

X

30,624

27,840

2,784

16,590

110-4

8,050

X

2,695

110-6

-6,100

403

614

Jun 11 Sales Revenue

Jun 29 ARC - Balls 'n All Jun 29 Sales Revenue Jun 30 ARC - Jump Around Jun 30 Interest Revenue Total

55

Other Accounts Receivable Accounts

GST

550

6,050 7,480

8,050 2,450

245

1,250 -6,100 614

135,220

Post reference

(100)

CASH PAYMENTS JOURNAL

Date

Account

Cheque No.

Post Ref.

Debit

Credit

Accounts GST Inventory Wages Other Payable Expense Accounts

X

324

3,240

Cash at Bank

Jun

2 Inventory

645

Jun

4 APC - Hike

646 210-4

Jun

4 Wages Payable

647

Jun

7 APC - Extreme Sports Inc

648 210-2

Jun

9 Electricity Payable

649

221

Jun 11 Wages Expense

650

X

Jun 14 APC - Sports 'R Us

651 210-5

Jun 15 Prepaid Rent

652

140

Jun 18 Wages Expense

653

X

Jun 25 APC - J. J. Spud

654 210-3

Jun 25 Wages Expense

655

Jun 28 APC - Sport Borders

656 210-1

Jun 30 Inventory

657

X

Jun 30 Salary Expense

658

545

5,100

5,100

Jun 30 Bank Charges

X

572

11

11

Discount Received

3,564

6,050

5,929

220

GST

1,057

1,000

110

18

180

2,057

19,800

19,602 131

11

1,310

1,441

1,891

1,891

9,800

9,800 280

2,800

3,080

2,038

2,038

51,450

51,450

X

1,666

1,666

14,628

14,628 420

4,200

4,620

Total

126,877

Post reference

(100)

(Q=803-110-4.AcctsRec4_bankRec)

SUBSIDIARY LEDGERS Account: ARC - Balls 'n All Account No. 110-4 Date

Description

https://www.perdisco.com/elms/qsam/html/qsam.aspx

Ref.

Debit

Credit

Balance Page 5 of 9

Bank reconciliation

May

14/10/2019, 12 : 50 AM

31 Balance

8,050 DR

Jun

29 Repayment

Jun

30

Jun

30

Jun

30

CRJ

8,050

0

Feedback There are no relevant entries in the Balls 'n All ledger for this week.

(Q=803-110-6.AcctsRec6_bankRec)

Account: ARC - Jump Around Account No. 110-6 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun

10 Credit sale

SJ

Jun

18 Repayment

Jun

26 Credit sale

Jun

30 Dishonoured Chequ

Jun

30

Jun

30

25,498

CRJ SJ CRJ

25,498 DR 6,100

418

19,398 DR 19,816 DR

6100

0

25916

DR

Feedback

Account: ARC - Jump Around Account No. 110-6 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

10 Credit sale

Jun

18 Repayment

Jun

26 Credit sale

Jun

30 Dishonoured cheque

0 SJ

25,498

CRJ

25,498 DR 6,100

19,398 DR

SJ

418

19,816 DR

CRJ

6,100

25,916 DR

(Q=804-100.CashAtBank_bankRec)

GENERAL LEDGER Account: Cash at Bank Account No. 100 Date May Jun

Description

Ref.

Debit

Credit

Balance

31 Balance 30 Total from cash rece

https://www.perdisco.com/elms/qsam/html/qsam.aspx

71,585 DR CRJ

135220

0

206805

DR

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Bank reconciliation

14/10/2019, 12 : 50 AM

Jun

30 Total from cash paym

Jun

30

CPJ

0

126877

79928

DR

Feedback

Account: Cash at Bank Account No. 100 Date

Description

Ref.

May

31 Balance

Jun

30 Total from cash receipts journal

CRJ

Jun

30 Total from cash payments journal

CPJ

Debit

Credit

Balance 71,585 DR

135,220

206,805 DR 126,877

79,928 DR

(Q=804-110-0.ARControl_bankRec)

Account: ARC - Accounts Receivable Control Account No. 110 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

66,601 DR

Jun

12 Sales return from Croquet and Cricket

Jun

30

Jun

30

Jun

30

Jun

30

GJ

2,233

64,368 DR

Feedback There are no relevant entries in the Accounts Receivable Control ledger for this week.

(Q=804-201.InterestPayable_bankRec)

Account: Interest Payable Account No. 225 Date May

Description

Ref.

Debit

Credit

31 Balance

Jun

30

Jun

30

Jun

30

Balance 225 CR

Feedback There are no relevant entries in the Interest Payable ledger for this week.

(Q=804-403.InterestRevenue_bankRec) https://www.perdisco.com/elms/qsam/html/qsam.aspx

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Bank reconciliation

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Account: Interest Revenue Account No. 403 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

0

Jun

30 Interest received fro

Jun

30

Jun

30

CRJ

0

614

614

CR

Feedback

Account: Interest Revenue Account No. 403 Date

Description

Ref.

May

31 Balance

Jun

30 Interest received from the bank

Debit

Credit

Balance 0

CRJ

614

614 CR

(Q=804-571.InterestExpense_bankRec)

Account: Interest Expense Account No. 571 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

30

Jun

30

Jun

30

0

Feedback There are no relevant entries in the Interest Expense ledger for this week.

(Q=804-572.BankCharges_bankRec)

Account: Bank Charges Account No. 572 Date May

Description

Ref.

Debit

Credit

Balance

31 Balance

Jun

30 Transaction fee

Jun
...