How often Bank reconciliation is asked

Where it was asked

• May/Jun 201422 marks
• Oct/Nov 201325 marks
• May/Jun 201324 marks

The questions

1. May/Jun 2014, Q2.16 marks

   Question 2 consists of two unrelated parts, Part A and Part B. Part A: Computer Traders provides the following information for its financial year ended 31 January 2014: inventory on 1 February 2013 was R50 700; sales amounted to R480 500; purchases amounted to R230 100; sales returns were R14 800; purchase returns were R5 600; carriage on sales was R20 300; carriage on purchases was R12 400; and customs and excise duties on purchases were R8 900. Computer Traders applies a periodic inventory system, and a physical inventory count performed on 31 January 2014 revealed inventory on hand valued at R40 200. Calculate the cost of sales of Computer Traders for the financial year ended 31 January 2014, showing all calculations and not only the final answer.

2. May/Jun 2014, Q2.25 marks

   Question 2 consists of two unrelated parts, Part A and Part B. Part B: The accountant of Camera Traders drew up the cash receipts journal and cash payments journal for April 2014 before receiving the April 2014 bank statement. Before the bank statement was received, the journal totals were: total cash receipts R68 300 and total cash payments R53 400. On 1 April 2014 the bank account in the general ledger showed a favourable balance of R26 950, and on 30 April 2014 the bank statement showed a favourable balance of R15 600. Comparing the bank statement to the cash journals revealed the following: (1) items appearing only on the bank statement were bank charges of R500 and interest income of R600; (2) cheques recorded in the cash payments journal but not yet presented to the bank were cheque no. 930 for R2 500, cheque no. 940 for R4 700 and cheque no. 970 for R1 900; (3) a credit entry of R3 100 appearing only on the bank statement was a direct deposit made by a debtor; (4) deposits totalling R35 850 recorded in the cash receipts journal had not yet been credited by the bank; (5) a cheque for R4 300 drawn by another entity was incorrectly reflected on Camera Traders' bank statement; (6) the bank returned, unpaid and marked 'refer to drawer', a cheque for R2 000 that had been received from a debtor; and (7) Camera Traders sublets part of its building to Radio Dealers, who pays a monthly rental of R3 600 via internet banking, and this R3 600 credit entry appears only on the bank statement. Required: complete the cash receipts journal and the cash payments journal of Camera Traders for April 2014, showing the details and bank columns only.

3. May/Jun 2014, Q2.35 marks

   Question 2 consists of two unrelated parts, Part A and Part B. Using the same Camera Traders information given for April 2014 (Part B), prepare the properly balanced/closed-off bank account for April 2014 in the general ledger of Camera Traders.

4. May/Jun 2014, Q2.46 marks

   Question 2 consists of two unrelated parts, Part A and Part B. Using the same Camera Traders information given for April 2014 (Part B), prepare the bank reconciliation statement of Camera Traders as at 30 April 2014.

5. Oct/Nov 2013, Q3.19 marks

   Scenario: you started working as an assistant bookkeeper at RG Traders on 1 July 2013. On 31 July 2013 the bookkeeper handed you the following information. The bank statement of RG Traders for July 2013 (bank's address: 123 Bank Street, Tshwane, 0003) reflects: 1 July balance R56 000; 2 July a debit order to PG Insurers of R2 000 (balance R54 000) and a debit order to Tshwane Municipality of R6 500 (balance R47 500); 5 July a deposit of R17 000 (balance R64 500) and a direct deposit from Mr P Davids of R20 000 (balance R84 500); 8 July cheque no 219 for R500 (balance R84 000) and a deposit of R10 000 (balance R94 000); 9 July service fees of R100 (balance R93 900); 12 July cheque no 220 for R1 600 (balance R92 300) and cheque no 221 for R3 000 (balance R89 300); 15 July a direct deposit from Mrs C Peters of R15 000 (balance R104 300) and a deposit of R30 000 (balance R134 300); 17 July an unpaid cheque relating to Mrs S Singh of R800 (balance R133 500); 19 July cheque no 224 for R3 700 (balance R129 800) and a deposit of R16 000 (balance R145 800); 22 July service fees of R100 (balance R145 700); 24 July a deposit of R10 000 (balance R155 700); 26 July cheque no 226 for R500 (balance R155 200); 29 July a deposit of R6 000 (balance R161 200) and cheque no 228 for R900 (balance R160 300); and 31 July interest of R190 bringing the closing balance to R160 490. RG Traders' cash receipts journal (bank column only, CRJ07) for July 2013, before completion, already shows: 5 July cash sales R17 000; 8 July cash sales R10 000; 9 July receipt from Mr P Fenn R5 000; 12 July receipt from Mrs O Khumalo R4 000; 15 July cash sales R30 000; 19 July cash sales R16 000; 24 July cash sales R10 000; 29 July cash sales R6 000; giving a total of R98 000. RG Traders' cash payments journal (bank column only, CPJ07) for July 2013 already shows: 8 July cheque 219 to AP Stationers R500; 12 July cheque 220 to DG Stores R1 600 and cheque 221 to Tellycome R3 000; 15 July cheque 222 to COG Stores R9 000; 16 July cheque 223 to Petro Traders R2 500; 19 July cheque 224 to XWY Wholesalers R3 700; 22 July cheque 225 to HR Steelworks R5 000; 26 July cheque 226 to KS Sweets R500; 29 July cheque 227 (cash) R200 and cheque 228 to ST Garden Maintenance R900; giving a total of R26 900. Additional information: (a) the unpaid cheque shown in the bank statement on 17 July 2013 is a dishonoured cheque - it was dishonoured because of insufficient funds in the account of Mrs S Singh, a client of RG Traders; (b) the bank account balance in the general ledger of RG Traders as at 1 July 2013 was a favourable balance of R56 000. Using the bank statement details and the information given, complete RG Traders' cash receipts journal and cash payments journal for July 2013, showing only the details and bank columns.