Upon investigation, the accountant discovered the following errors: 1. A cheque paid to Kindaruma for Sh.306,000 had been entered in the cashbook as Sh.387,000 2. Cash paid into the bank by a customer for Sh.90,000 had been entered in the cashbook as Sh.81,000 3. A transfer of Sh.1,110,000 to Central Savings Bank had not been posted to the cash book. 4. A receipt of Sh.9,000 shown in the bank statement had not been posted in the cashbook. 5. Cheques drawn amounting to Sh.36,000 had not been paid into the bank. 6. The cash book balance had been incorrectly brought down at 1 November 2003 as a debit balance of Sh.1,080,000 instead of a debit balance of Sh.990,000 7. Bank charges of Sh.18,000 do not appear in the cash book. 8. A receipt of Sh.810,000 paid into the bank on 31 October 2004 appeared in the bank statement on 1 November 2004. 9. A standing order of Sh.27,000 had not been recorded in the cash book. 10.A cheque for Sh.45,000 previously received and paid into the bank had been returned by the customer?s bank marked ?account closed?. 11.The bank received a direct debit of Sh.90,000 from an anonymous customer. FINANCIAL ACCOUNTING 1
82 Answers ? Past Papers 12.Cheques banked had been totaled at Sh.135,000 instead of Sh.153,000. 13.A cheque drawn in favour of Nyaga for Sh.120,000 had been entered on the debit side of the cashbook. Required; (i) Adjusted cash book as at 31 October 2004. (6 marks) (ii) A bank reconciliation statement as at 31 October 2004.
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