GSBS6506 Financial Statement Analysis

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23-06-2022

Course Code: GSBS6506
University: The University Of Newcastle

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Country: Australia

Answer:

Rod Retailer supplies you with the following information needed to complete his business’s bank reconciliation for the month of June.

You are required to:

Complete the bank ledger account for June
Prepare a Bank Reconciliation Statement at 30^thJune

Bank reconciliation statement at 31^stMay:

			$
Debit balance as per bank statement			370
	Add unpresented cheques
	Cheque No.	Amount
	146	$60
	153	$172
	156	$185
	158	$90	507
			877
	Less outstanding deposits		635
Credit balance as per bank ledger account			242

Extract of the Cash Receipts and Cash Payment Journals for June

Cash Receipts Journal				Cash Payments Journal
Date	Details	Rec. No.	Amount	Date	Details	Chq. No.	Amount
June 3	Sales	CDS	1,140	June 4	Wages	159	600
6	S. Clayton	215	485	6	Purchases	160	380
8	Sales	CDS	920	7	G. Lawson	161	400
10	Sales	CDS	240	10	Equipment	162	755
15	G. Pert	216	195	13	Purchases	163	600
20	R. Thornton	217	1,370	14	G. Grace	164	190
26	Sales	CDS	320	17	Advertising	165	250
30	P. Roos	218	490	18	Wages	166	610
				20	Purchases	167	430
				24	G. Coleman	168	300
				25	Purchases	169	250
				28	Cleaning	170	50
				30	Purchases	171	400
					B. Gotch	172	380
			5,160				5,595

Question (continued)

Bank Statement for the month of June:

Bank of Preston Account of: Rod Retailer Bank Statement for June
Date	Particulars	Debit	Credit	Balance
June 1	Brought forward			370 DR
1	Cash/Cheques		635	265 CR
3	Cash/Cheques		1,140	1,405 CR
6	Interest on overdraft	20		1,385 CR
	159	600		785 CR
	Cash/Cheques		485	1,270 CR
8	160	380		890 CR
	Cash/Cheques		920	1,810 CR
10	Cash /Cheques		240	2,050 CR
13	161	400		1,650 CR
14	Bank charges	35		1,615 CR
15	Cash/Cheques		195	1,810 CR
19	162	755		1,055 CR
19	163	600		455 CR
20	Direct deposit (P. Jones)		1,600	2,055 CR
	Cash/Cheques		1,370	3,425 CR
21	Dishonoured cheque (G.Pert)	195		3,230 CR
22	146	60		3,170 CR
23	164	190		2,980 CR
24	166	610		2,370 CR
26	167	430		1,940 CR
28	Cash/Cheques		320	2,260 CR
	153	172		2,088 CR
29	168	300		1,788 CR
	169	250		1,538 CR
	156	185		1,353 CR
	Loan Repayment (Direct Payment)	600		753 CR

Rod Retailer – General Ledger

Cash at Bank

Date	Details	Debit	Credit	Amount
Jun-01	Balance b/d			242 CR
Jun-30	Cash receipts	5,160		4,918 DR
Jun-30	Cash Payments		5,595	677 CR
Jun-30	Cheque dishonored		195	872 CR
Jun-30	Loan repayment		600	1,472 CR
Jun-30	Interest on overdraft		20	1,492 CR
Jun-30	Bank charges		35	1,527 CR
Jun-30	Cash collected by bank directly	1,600		73 DR
Jun-30	Balance c/d			73 DR

Bank Reconciliation Statement as at 30^thJune

		$
Credit balance as per bank statement		753
Add: outstanding deposits		490
		1243
Less: unpresented cheques
Cheque No.	Amount
158	$ 90
165	$ 250
170	$ 50
171	$ 400
172	$ 380
		1,170
Debit balance as per bank ledger account		73

1) The following invoice has been produced, you are required to check this invoice for accuracy and to also ensure it meets with tax requirements. List any amendments that are required to be made to this document.

GSBS6506 Financial Statement Analysis

Answer:

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