FAC1502 EXAM PACK QUESTIONS+ANSWERS+RATIONALE

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FAC1502 EXAM PACK 2020-2025 QUESTIONS+ANSWERS+RATIONALE/ QUESTION 1 (25 marks) (30 minutes) The following bank reconciliation statement was prepared at 31 March 2008 in the books of Lungile Services: Bank reconciliation statement as at 31 March 2008 Debit Credit Credit balance as per bank statement ...................................... Credit outstanding deposit......................................................... Credit incorrect entry on bank statement ................................. Debit outstanding cheques: No. 558 .................................................................................. No. 813 .................................................................................. No. 821 .................................................................................. Debit balance as per bank account ........................................... R 360 102 199 2 152 R 1 649 960 204 2 813 2 813 The following is a summary of the deposits and cheque payments recorded in the cash receipts journal and the cash payments journal for April 2008: Cash receipts journal Cash payments journal Doc . No. Date Details Bank (Amount deposited) Doc. No. Date Details Bank (Amount paid) 7 16 20 27 30 Deposit Deposit L. Good Deposit Deposit R 932 1 992 420 2 152 1 152 823 824 825 826 827 SO 828 CU 829 3 6 11 16 20 25 27 30 Telephone Purchases Insurance Wages F Andy Salaries Water and electricity K Dandy G Bush R 360 4 530 244 252 376 1 950 84 142 685 Abbreviations: SO = Stop order CU = Cheque previously deposited, unpaid (R/D)

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