ACBP5122: DEBTORS STATEMENT - Accounting and Finance Assignment Help

Assignment Task

Question 1

Q.1.1 Mpho cannot understand why the balance of her bank account in the general ledger does not balance to the monthly bank statement that she receives from the bank.

Required:

Give Mpho three (3) reasons why a difference may occur between the balance of her bank account in the general ledger and the balance on the monthly bank statement. For each reason briefly explain, in your own words, why the difference arises. Provide one example of each reason.

 

Q.1.2 For each of the following statements, indicate if the statement is true or false by completing the table below. In your answer book you need only write the number of the question and indicate whether it is true or false. For example, Q.1.2.x - True:

Q.1.3 Match the statement in column A with the correct term in column B. In your answer book you need only write the letter from Column A with the correct number from Column B. For example, F – 9. Mpho owns a retail shop called Mpho’s General Dealers and sells goods mostly for cash. Only one customer, Mr Andile, buys goods on credit from Mpho. Mpho also purchases goods for cash and on credit from only one supplier, Zoom Stores.

 

Question 2

The following information of Mimosa General Dealers for July 2021 has been provided to you:

• The debit balance per the bank account at 31 July 2021 was R6 250.

• Bank charges of R130 appeared on the bank statement.

• A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook.

• The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business.

• A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook.

• The DSTV subscription payable by the business for R90 was one of the debits on the bank statement.

• An insurance premium direct debit of R300 appeared on the bank statement in July. Upon enquiring with the bank it was determined that the premium should have been recorded on the bank statement of Marigold General Dealers.

• The following deposits recorded in the July 2021 cashbook did not appear in the bank statement for July 2021:

• In July 2021 the bank corrected an error it had made in June 2021 when it had recorded an EFT made by the business as R138 instead of R318. The EFT was correctly recorded in the cashbook in June 2021.

• The business earned interest on current account of R200 which has not yet been recorded in the business books.

• The debit order for R2 000 in favour of JHB Property Management for rent appears on the bank statement in July 2021.

 

Required:

Q.2.1 Show the adjustments as they should be recorded in the general ledger bank account of Mimosa General Dealers at 31 July 2021. Balance the bank account in the general ledger.

A folio column is not required.

 

Q.2.2 Prepare the bank reconciliation statement as 31 July 2021 for Mimosa General Dealers.

Hint: Begin the reconciliation statement with the balance as per the adjusted bank account per Q.2.1 above.

Clearly indicate if the balance per the bank statement amount you arrive at is a favourable or unfavourable balance as a mark will be awarded for this.

 

Question 3

Jasmine Traders is a home and nursery centre located in Johannesburg.

Jasmine Traders is having trouble working out how much they owe Plant World, one of their suppliers as at the end of April.

You have been provided with the following information:

 

Additional information:

• The balance on Plant World’s account in the Trade Payables subsidiary ledger of Jasmine Traders on 1st March was R3 690. The difference between the statement balance and the Trade Payables subsidiary ledger balance was a result of an EFT payment made on 28 February that was not reflected by Plant World.

• Invoice 1009 reflected on the April statement had not yet been received by Jasmine Traders.

• Jasmine Traders sent a debit note to Plant World in March for R500, representing the difference between the price they had verbally agreed on some items purchased and the price that appeared on the invoice. They still have not negotiated a compromise.

• A credit note for goods returned in April for R910 appears on the April statement as R190. The credit note has been correctly recorded by Jasmine Traders in April. This is the only entry in the creditor’s allowances journal for April.

• Invoice 1005 on the April statement is for Jas Traders, not Jasmine Traders.

• An invoice for R658 shown on the April statement was for flowers ordered by the owner Mr. Willow for his wedding anniversary. The bookkeeper had not recorded this transaction at all, as the owner had ordered the goods in his own name and not for the business.

• IGNORE VAT.

 

Required:

Q.3.1 Prepare the Plant World account in the Trade Payables ledger of Jasmine Traders, showing all the transactions for March and April.

A folio column is required as marks will be allocated.

 

Q.3.2 Prepare a Trade Payables reconciliation statement as at 31 March and 30 April.

 

Q.3.3 Should Plant World agree to deduct R500 from the invoice amount, how will this be reflected by Plant World.

 

This Accounting and Finance Assignment has been solved by our Accounting and Finance Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing Style. Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered.

You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turn tin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.