3. Verification of accounting records
A section of Accounting, 7707
Listing 10 of 107 questions
Peter is a trader. The following transactions took place in April 2022. April Cash sales, $410, were paid directly into the bank account Paid $798 to Rahat, by cheque, in full settlement of a debt of $840 Paid $42 cash for a motor vehicle repair Purchased goods, list price $320, on credit subject to a trade discount of 10%, from Rahat Cash sales, $460 Paid $392 to Samir by telephone transfer, having deducted 2% cash discount from the amount due A cheque for commission receivable, $115, was paid into the bank account Paid $285 to Rafael by cash, in full settlement of a debt of $300 REQUIRED Prepare Peter’s cash book on the page opposite. Balance the cash book and bring down the balances on 1 May 2022. Peter has received a bank statement for April. He is using it to prepare a bank reconciliation statement and to update his cash book. REQUIRED Place a tick (✓) to show how each item in the table below would be used to prepare the bank reconciliation statement or to update the cash book. Prepare bank reconciliation statement Update cash book Items to be adjusted Added to bank statement balance Deducted from bank statement balance Debited to cash book Credited to cash book Bank charges Direct debit for rent Cheque paid to a supplier but not yet cashed Cheque for commission received dishonoured Dividend received REQUIRED Prepare the account for Rahat as it would appear in the ledger of Peter. Balance the account and bring down the balance on 1 May 2022. Peter Rahat account Date Details $ Date Apr 1 Details Balance b/d $
7707_s22_qp_22
THEORY
2022
Paper 2, Variant 2
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Questions Discovered
107