Accounting 1B Assignment 1 Solutions

ACCOUNTING 1B
ASSIGNMENT 1
SOLUTIONS




PREPARED BY: MTHOMBENI

0767297208

, QUESTION 1


21.1. Outstanding deposit – The deposit may have been made after the bank
statement was drawn up.
Outstanding cheques – The payee (the beneficiary of the cheque) has not yet presented the
cheque to the bank for payment.
Bank charges – These charges appear as debits on the bank statement but do not appear in
cash payment journal.
Interest on overdraft – The charge levied by the bank if the account is overdrawn. This
appears as a debit on the bank statement but does not appear in the cash payment journal.
Direct deposits/ electronic transfers – Persons (e.g. debtors) deposit funds directly into the
banking account of the business electronically. These amounts appear as credits in the bank
statement but do not appear in the cash receipt journal.
Debit orders – This is an instruction to the bank to pay amounts on behalf of the business,
e.g. to pay insurance etc. These appear as debits in the bank statement but do not appear in
the cash payment journal.


QUESTION 1.2.
1.2.1. True
1.2.2. False
1.2.3. True
1.2.4. True
1.2.5. False
1.2.6. False


QUESTION 1.3
A=2
B=4
C=5
D=1


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