Yogesh Case Study - Accounting and Finance Assignment Help

Assignment Task:

Question 1 
Yogesh has an outlet shop, 'Fizzball Sweets' that sells sweets to tuck shops in Gauteng. 'Fizzball Sweets' rents a space that is too big and decided to sublet some of the space as an office to 'Chocolate House'. He asked you to assist with the process to produce a bank reconciliation for the month of July 2019 and provide you with the bank account as per the general ledger and bank statements for July 2019. 

The following additional information was made available: 
1. As per inspection of the bank statement on 31 July 2019, the balance was a net credit of R9 011. The balance of the bank account per the general ledger as at 31 July 2019 consisted of cash receipts amounted R 280 458 and the cash payments amounted to R199 747. 

2. Included in the cash receipts total is an amount of R35 490 which was received on 31 July but not banked until the 3rd of August 2019. 

3. The July 2019 bank statement reflected the following amounts that had not yet been processed in the accounting records of Fizzball Sweets: 
• Debit order for the rental of the premises - R30 600 
• Bank charges of R240 

4. 'Fizzball Sweets' rents a small office to 'Chocolate House'. The rental was received in cash for R15 800 on 31 July 2019. The cash was only deposited into the bank account on 6 August 2019 but was correctly recorded in the cash receipts journal. 

5. Interest earned on a favourable bank balance amounted to R189 as per the July 2019 bank statement. This has not been processed in the books of the entity. 

6. An EFT payment to 'Sweet Balls for Africa' on the 29th of July, one of the business's suppliers for R14 880 was not entered in the cash payments journal. It was however correctly reflected on the bank statement. 

7. An EFT payment was made on 31 July 2019 for R8 621. The payment was correctly captured in the cash payments journal. The payment, however, takes three business days to clear. As such the payment was only reflected in the August 2019 bank statement on 7 August 2019. 

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