STEPS
Start with our cash journals
INSPECT!!!
1) To notes and make notes on the given information.
2) Cash journals and INSPECT/MATCH with BAnk statement
Matching:
Match doc Number
Match the amount!
If any difference arose then INSPECT AGAIN
Who made mistake? Is there a mistake? And how to correct.
US/accountants - our journals
Bank - Bank needs to fix BRS
BANK RECONCILIATION
SPECIFIC OUTCOMES
Compare entries in the bank statement with entries in the cash receipts journal,
cash payments journal and the bank reconciliation statement of the previous month.
Make supplementary entries in the cash receipts journal and the cash payments journal.
Prepare a bank reconciliation statement.
Bankcassetl
Balm Bat
1. FORMAT Fav ✗ Hunton xxx
BANK RECONCILIATION STATEMENT OF MBEKI STORES ON 30 NOVEMBER 2011
Dr Cr
R R
Debit/Credit balance as per bank statement ( Bonks perspective ) Overdrawn Favourable
Credit deposits not yet credited by bank xx
Debit cheques drawn but not yet presented for payment:
No. 100 xx
No. 200 xx
Debit amount incorrectly credited xx
Credit amount incorrectly debited xx
Debit/Credit balance as per bank account ( our perspective) Favourable Overdrawn
xxx xxx
ACTIVITY 1
The information below was taken from the records of Tshabalala Traders.
INSTRUCTION
2. Compare the bank statement for July 2011 with the bank reconciliation statement of June
20.1 and the cash journals for July 2011. Make the additional entries in both journals and
close them off.
2. Post to the bank account and balance the account on 31 July 2011
3. Prepare the bank reconciliation statement on 31 July 2011
BANK RECONCILIATION STATEMENT ON 30 JUNE 2011
DR CR
R R
Credit balance according to bank statement 5 750
Credit outstanding deposit 7 432
Debit cheques not yet presented for payment:
→ carried
No. 219 739
No. 225
No. 226
I
1 210
2 340
Debit balance according to bank account 8 893
13 182 13 182
TSHABALALA TRADERS
Cash receipts journal - July 2011
DtBoh⑥ it -
Sundry accounts
Doc Day Details Fol Analysis Bank Debtors Discount Sales Amount Fol Details
no of control allowed
receipts
150 2 K. Kgoba 174 188 14
151 M. Mokoe 240 250 10
:
Sales 5 370 5 784 5 370
152 8 S. Spuru 330 344 14
153 A. Ayitey 230 241 11
Sales 5 450 6 010 5 450
154 15 J. Jali 270 283 13
155 M. Malule 124 131 7
Sales 4 770 5 164 4 770
22 Sales 5 640 5 640 5 640
156 31 T. Thenga 220 231 11
Sales 7 069 7 289 7 069
29 887 1 668 80 28 299
✓
credit outstanding
balance .
Not yet on BS
☒ Reference to Bls with
document # 's
Cash payment journal - 2011
Sundry accounts
Doc Day Name of Fol Bank Trading Creditors Discount Amount Fol Detials
no Payee stock control received
¥
227 2 Telkom 240 240 Telephone
228 3 AB Traders 6 629 5 500 1 129 Stationery
¥ outstanding cheque
230 10 EF Traders 3 899 4 000 101
231 14 Cash 5 539 5 539 Wages
232 16 H Printers 1 289 1 289 Advertising
233 22 JK Traders
ID
3 849 4 100
cheque
251
outstanding
234 26 MN Ltd 4 390 4 390
④
235 29 W. Mandela
ID
6 599 6 599 Salaries
236 30 XY Repairs 1 189 1 189 Repairs
33 623 9 890 8 100 352 15 985
BRS
STAR BANK
BANK STATEMENT OF TSHABALALA - JULY 2011
Day Description Balance
R R
1 Balance brought forward 5 750
Credit 7 432 + 13 182
É
Cheque 226 2 340 - 10 842
2 Credit 5 784 + 16 626
3 Cheque 227 240 - 16 386
4 Cheque 225 1 210 - 15 176
5 Service fees 126 - 15 050
7 City Treasurer ④ 310 - 14 740
Cheque 228 6✓
629 - 8 111
Cheque 229 ⑧ 1 089 - 7 022
8 ④ Credit 1 320 + 8 342
Credit 6✓
010 + 14 352
9 Unpaid cheque ~
240 - 14 112
10 Tax levy on debit transactions 21 - 14 091
11 Cheque 230 ✓
3 899 - 10 192
12 Top Insurers ☒ 110 - 10 082
÷
14 Cheque 231 5 539 - 4 543
15 Credit 5 164 + 9 707
16 Cheque book 13 - 9 694
18 Cheque 232 1 289 - 8 405
22 Cheque 233 3 849 - 4 556
Credit 5 640 + 10 196
29 Cheque 235 ⑦ 0 5 699 - 4 497
30 Interest 122 + 4 619
"
Balance per
Notes
bank Staten
1. The unpaid cheque was received from M. Makoe on 2 July 2011.
R 6599 MT Bank ✓
2. The correct amount of cheque no. 235 is R5 699. Not accented for yet
Rqoo
3. On 8 July 2011 Penpoint Stationers deposited their rent directly in the bank account of
Tshabalala Traders. CRJ RI 320
Automated PMT directly from at Bank
4. The payment to the City Treasurer was a debit order for water and electricity.
CPJ ⑤
5. The payment to Top Insurers was a stop order for the insurance premium.
went through bonk CPJ④
:
Cps ④
6. The accountant neglected to enter cheque 229 drawn by the owner, N. Nkosi, to pay
his sons= rent.
Drawings
:
Expense
E/04
ACTIVITY 1
ANSWER SHEET
TSHABALALA TRADERS
Cash receipts journal - 2011
Sundry accounts
Doc Day Details Fol Analysis Bank Debtors Discount Sales Amount Fol Details
no of control allowed
receipts
31 Totals
W. Mandela
900 900 salaries
(cheque 235)
Bls 8 Penpoint
Stationers 1320 1320 ¥nFme
Star Bank
Cash payment journal - 2011
Sundry accounts
Doc Day Name of Fol Bank Trading Creditors Discount Amount Fol Details
no Payee stock control received
31 Totals
M. Makoe
(cheque R/D)
City Treasurer
Top Insurers
N. Nkosi
Star Bank
GENERAL LEDGER OF TSHABALALA TRADERS
Dr Bank
Cr
Jul 1 Balance b/d Jul 31 Total payments CPJ
31 Total receipts CRJ Balance c/d
Aug 1 Balance b/d
BANK RECONCILIATION STATEMENT ON 31 JULY 2011
Dr Cr
R R
Bls
Credit balance according to bank statement 4619
Credit outstanding deposits 728995
Debit outstanding deposits
No. 219 739
No. 234 4390
No. 236 1189
Debit balance according to bank account
ACTIVITY 2
The given information was taken form the books of Thabo Traders
INSTRUCTION
1. Complete the cash receipts journal and the cash payments journal for March 2012
2. Prepare the bank reconciliation statement on 31 March 2012
INFORMATION
A. Information from the bank reconciliation statement for February 2012, received from
RSA Bank:
R
Favourable balance according to the bank statement 10 100
Outstanding deposits 4 300
Outstanding cheques No. 240 800
No. 631 6 900
No. 632 2 400
