How often Bank reconciliation is asked

Where it was asked

• May/Jun 201425 marks
• Oct/Nov 201323 marks

The questions

1. May/Jun 2014, Q4.19 marks

   Sibasa Traders' bank account showed a debit balance of R26 860 on 30 November 2013; the bank statement at 31 December 2013 shows a DEBIT balance of R15 746 (an overdraft). December totals: cash receipts journal R49 352, cash payments journal R44 475. On the November reconciliation but not on the December statement: cheque 431 (30 June 2012, Whispers Dealers) R990, which was lost and has since been cancelled, and cheque 698 (3 Nov 2013, Walti Stationers) R1 020. In the December journals but not on the statement: a deposit of R46 945 on 31 December, cheque 756 (28 Dec, F Fire) R3 200 and cheque 759 (30 Dec, K Kalabi) R3 085. On the statement but not in the journals: a direct deposit of R1 250 rent from Brown Dwellers; interest on overdraft R160; ledger fees R48; cash handling fee R70; an R/D cheque from debtor PQ Solomuns R305; a R1 500 deposit belonging to another client credited to Sibasa's account in error; a R1 300 stop order for insurance; and a R10 000 cheque of another client debited to Sibasa's account in error. Also, cheque 736 for R1 535 to Hanarins Furnishers was recorded in the December cash payments journal as R1 835. Complete the bank columns of the cash receipts and cash payments journals for December 2013.

2. May/Jun 2014, Q4.25 marks

   Using the Sibasa Traders information, prepare the properly balanced bank account in the general ledger at 31 December 2013.

3. May/Jun 2014, Q4.311 marks

   Using the Sibasa Traders information, prepare the bank reconciliation statement as at 31 December 2013, beginning with the balance per bank statement.

4. Oct/Nov 2013, Q1.19 marks

   Basadi Traders' bookkeeper was away on leave, and you have been asked to reconcile the business's bank account for April 2013. The bank reconciliation statement as at 31 March 2013 showed a credit balance per the bank statement of R3 071, and an outstanding (not yet credited) deposit of R3 100 on the credit side. On the debit side were cheques not yet presented for payment: cheque No 41 dated 01/10/2012 for KK Sams, R900; cheque No 91 dated 05/03/2013 for A Gideon, R140; and cheque No 94 dated 28/03/2013 for AB Wholesalers, R200; together with a debit balance per the bank account of R4 931, both sides totalling R6 171. The sub-totals of the bank columns in the cash receipts journal and cash payments journal for April 2013 were R8 849 and R5 520 respectively. Comparing the above March reconciliation with the April bank statement revealed: (a) cheque No 41 is still outstanding and has become stale; (b) cheque No 91 was lost in the post, with no entry made for the loss, and cheque No 98 (dated 5 April 2013) was issued to replace the missing cheque; (c) cheque No 94 had still not been presented for payment by 30 April 2013, while the R3 100 outstanding deposit did appear on the bank statement for the month ending 30 April 2013. Comparing the cash journals for April 2013 with the bank statement for the same period further revealed: (a) the bookkeeper omitted to record an electronic funds transfer of R800 paid to creditor S Sekhukhune during April 2013; (b) a cheque for R700 received from debtor M Medupe was dishonoured by the bank due to the debtor's insolvency; (c) a deposit of R5 340, representing sales on 29 April 2013, is not reflected in the April 2013 bank statement; (d) the following items appeared only on the April 2013 bank statement: a service fee of R244, a cash deposit fee of R79, and interest on favourable bank balance of R158; (e) cheques not yet presented to the bank for payment were No 105 for R670 dated 22 April 2013 (A Kalaka) and No 112 for R790 dated 28 April 2013 (S Maloka); (f) cheque No 102, dated 26 April 2013, issued to NAC Stationers for stationery of R282, was incorrectly recorded as R228 in the cash payments journal; and (g) the bank statement showed a favourable balance of R3 901 on 30 April 2013. Using the information about Basadi Traders' March 2013 bank reconciliation and the discrepancies noted for April 2013 (including the lost and replaced cheque, the omitted EFT payment to S Sekhukhune, the dishonoured cheque from M Medupe, the unrecorded sales deposit of R5 340, the bank charges and interest appearing only on the statement, and the stationery cheque recorded as R228 instead of R282), complete the cash receipts journal and the cash payments journal of Basadi Traders for the month ending 30 April 2013. Only the details and bank columns need to be shown.

5. Oct/Nov 2013, Q1.26 marks

   Basadi Traders' bookkeeper was away on leave, and you have been asked to reconcile the business's bank account for April 2013. The bank reconciliation statement as at 31 March 2013 showed a credit balance per the bank statement of R3 071, and an outstanding (not yet credited) deposit of R3 100 on the credit side. On the debit side were cheques not yet presented for payment: cheque No 41 dated 01/10/2012 for KK Sams, R900; cheque No 91 dated 05/03/2013 for A Gideon, R140; and cheque No 94 dated 28/03/2013 for AB Wholesalers, R200; together with a debit balance per the bank account of R4 931, both sides totalling R6 171. The sub-totals of the bank columns in the cash receipts journal and cash payments journal for April 2013 were R8 849 and R5 520 respectively. Comparing the above March reconciliation with the April bank statement revealed: (a) cheque No 41 is still outstanding and has become stale; (b) cheque No 91 was lost in the post, with no entry made for the loss, and cheque No 98 (dated 5 April 2013) was issued to replace the missing cheque; (c) cheque No 94 had still not been presented for payment by 30 April 2013, while the R3 100 outstanding deposit did appear on the bank statement for the month ending 30 April 2013. Comparing the cash journals for April 2013 with the bank statement for the same period further revealed: (a) the bookkeeper omitted to record an electronic funds transfer of R800 paid to creditor S Sekhukhune during April 2013; (b) a cheque for R700 received from debtor M Medupe was dishonoured by the bank due to the debtor's insolvency; (c) a deposit of R5 340, representing sales on 29 April 2013, is not reflected in the April 2013 bank statement; (d) the following items appeared only on the April 2013 bank statement: a service fee of R244, a cash deposit fee of R79, and interest on favourable bank balance of R158; (e) cheques not yet presented to the bank for payment were No 105 for R670 dated 22 April 2013 (A Kalaka) and No 112 for R790 dated 28 April 2013 (S Maloka); (f) cheque No 102, dated 26 April 2013, issued to NAC Stationers for stationery of R282, was incorrectly recorded as R228 in the cash payments journal; and (g) the bank statement showed a favourable balance of R3 901 on 30 April 2013. Based on the same information relating to Basadi Traders' bank transactions and reconciling items for April 2013, prepare the properly balanced and closed-off bank account for the month ending 30 April 2013 as it would appear in the general ledger of Basadi Traders.