2020 BGSS 3E POA EOY P1 Q2

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

Sales revenue

 

4 800

 

7 660 Dr

6

Inventory

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

Inventory

  

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

Bank charges

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

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