Momoh enterprise cashbook showed a debit balance of Le4,500 on December 31, 2014. Further examination revealed the following:
- A direct debit of Le350 for subscription had been paid by the bank
- Bank charges of Le500 had not been reflected in the cash book
- Payment settled by standing orders were omitted from the cash book; electricity bill Le70, insurance Le100 and medical bill Le120.
- A dividend of Le320 paid directly into the bank had not been entered in the cash book
- It was discovered that the cash book balance brought down was undercast by Le180.
- Cheques amounting to Le4,800 issued had not been presented for payment
- Cheques amounting to Le1990 paid into the bank had not yet been credited
You are required to prepare;
(a) The revised cash book
(b) The bank reconciliation statement as at December 31, 2014
Momoh Enterprise
Received Cash Book
31/12/14 Le |
31/12/14 Le Subscription 350 Bank charges 500 Electricity bill 70 Insurance 100 Medical bill 120 Balance c/d 3,860 5,000 |
(b) Momoh Enterprise Bank Reconciliation statement
N
Balance as per revised cashbook 3,860
Add: unpresented cheques 4,800
8,660
Less: uncredited cheques 1,990
Bal. as per bank statement 6,670
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