FAC1502 - Exam Pack 2019

FAC1502
EXAM PACK




1

, FINANCIAL
ACCOUNTING
PRINCIPLES,
CONCEPTS &
PROCEDURES



2

, OCTOBER –
NOVEMBER 2017




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, SOLUTION 1: BANK RECONCILIATION
STATEMENT
(a) KA FURNITURE STORES

CASH RECEIPTS JOURNAL – MAY 2017

Details Bank
R
Provisional Total 167 000
K. Singh (direct deposit) 5 100
S. Sithole (direct deposit) 4 700
Y. Kruger (direct deposit) 3 500
K. A Locker (direct deposit) 10 000
T. Naidoo – (stale cheque) 15 000
Total Receipts 205 300


CASH PAYMENTS JOURNAL – MAY 2017

Details Bank
R
Provisional Total 202 000
J.J Municipality – Water & Electricity – Direct debit 6 500
Yourway insurers – insurance – Direct debit 2 900
Katara Rental Properties – rent expense – Direct deposit 9 000
Bank charges 250
Interest on overdraft 120
Total Payments 220 770




(b) KA FURNITURE STORES

GENERAL LEDGER

Date Details Folio Amount Date Details Folio Amount
R R
Bank Account
2017 2017
May 31 Total Receipts CRJ 205 300 May 31 Balance b/d 40 063
31 Balance c/d 55 533 31 Total Payments CPJ 220 770
260 833 260 833

June 1 Balance b/d 55 533




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