2020 BGSS 3E POA EOY P1 Q2
2 Matthew’s cash at bank account for April 2020 showed the following:
Cash at bank account | |||||||
Date | Particulars | Cheque Number | Dr $ | Cr $ | Balance (Dr/Cr) | ||
2020 | |||||||
April 1 | Bal b/d | 3 580 Dr | |||||
2 | Utilities | 2017 | 720 | 2 860 Dr | |||
5 | 4 800 | 7 660 Dr | |||||
6 | 2018 | 1 100 | 6 560 Dr | ||||
11 | Trade payable, Jing Xiang Trading | 2019 | 1 100 | 5 460 Dr | |||
14 | Trade receivable, Jun Long Outlet | 496 | 5 956 Dr | ||||
16 | Trade payable, Mark Enterprise | 2020 | 3 316 | 2 640 Dr | |||
22 | Trade payable, Seng Kang | 2021 | 1 010 | 1 630 Dr | |||
23 | Trade receivable, Kent | 100 | 1 730 Dr | ||||
30 | 2 800 | 1 070 Cr | |||||
On May 1, the following bank statement was received by Matthew.
Date | Details | Payments $ | Receipts $ | Balance $ |
2020 April 1 |
Balance b/d |
3 580 Cr | ||
4 | Cheque 2017 | 720 | 2 860 Cr | |
7 | Cash deposit | 4 800 | 7 660 Cr | |
8 | Cheque 2018 | 1 100 | 6 560 Cr | |
15 | Cheque deposit | 496 | 7 056 Cr | |
17 | Cheque dishonoured (deposited on 15 April) | 496 | 6 560 Cr | |
18 | Cheque 2020 | 3 316 | 3 244 Cr | |
23 | Cheque 2021 | 1 010 | 2 234 Cr | |
30 | 250 | 1 984 Cr | ||
30 | Credit transfer: Commission income | 310 | 2 294 Cr |
REQUIRED
a. Prepare the adjusted cash at bank account for the month of April 2020. Bring the balance down to the next month.
[4]
b. Prepare the Bank Reconciliation Statement as at 30 April 2020.
[5]
c. Interpret the entry of $2 800 in the cash at bank account on 30 April 2020.
[1]
d. The profit for April 2020 was $900. Calculate the adjusted profit for April 2020 after accounting for the adjustment from the bank reconciliation.
[1]
[TOTAL 11]
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On 30 April, the business purchased goods $ 2800 by cheque.
Adjusted profit = 900 – 250 + 310 = 960