Reference no: EM132608688
Ackerman's Stores compared their cashbook for September 2013 with their bank statement. The following differences were discovered.
a) On 30 September 2013, the cashbook had a favourable balance of N$1 250 and the bank statement showed an overdraft of N$9 013.
b) Storm Stores had not recorded a cheque (previously received from Paula) for N$900 returned by bank marked R/D.
c) A deposit of N$9 780 on 30 September 2013 did not appear on the bank statement.
d) Rent received, N$3 090, had been recorded in the cashbook as N$3 900.
e) The bank had received N$1 500 directly from Faith a debtor. Ackerman's Stores had not been advised of this.
f) No entry had been made in the cashbook for N$2 430 paid directly by the bank for insurance.
g) Cheque number 169 payable to Wave Stores for N$2 367 had not been presented for payment.
h) Bank charges N$120 and interest on overdraft N$90 were included on the bank statement, but had not been recorded in the cashbook.
You are required to:
Question a) Write up an updated cashbook for Ackerman's Stores and show the new balance on 1 May 2012.
Question b) Prepare a bank reconciliation statement as at 30 September 2013.
Question c) Why is it important to prepare a bank reconciliation
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