Kruger Electrical Bank Reconciliation

This assignment requires reconciling Kruger Electrical's business records with their bank statement by completing the Cash Journal, Cash at Bank General Ledger Account, and preparing the Bank Reconciliation Statement as of June 30. The provided information includes extracts from the Cash Receipts Journal, Cash Payments Journal, and the General Ledger account. The objective is to find any discrepancies between the bank statement and the company's records.

BZ102 Accounting Principles
Portfolio Question for Topic 7
From the information below for Kruger Electrical, you are required to reconcile the
business records with the bank statement by attending to the following for the month
of June:
(a) Complete the Cash Journals.
(b) Complete the Cash at Bank General Ledger Account
(c) Prepare the Bank Reconciliation Statement at 30 June.
The previous month’s Bank Reconciliation Statement is provided below, together
with extracts from the Cash Receipts Journal and Cash Payments Journal, the Cash
at Bank account and the Bank Statement dated 30 June.
Kruger Electrical
BANK RECONCILIATION STATEMENT
31 MAY
Credit balance as per bank
statement
$ $ $
1 862
Plus outstanding deposits 290
370 660
2 522
Less - unpresented Cheques No. 153 132
No. 157 370
No. 161 70
No. 163 104
No. 166 500
No. 167 217
No. 168 150
No. 169 560 2 103
Debit Balance as per Cash at
Bank A/C)
$419

Bank Statement for Kruger Electrical
ABC Bank
Month of June
Date Particulars Debit Credit Balance
$ $ $
June 1 Balance brought forward 1862 CR
June 1 Deposit 290 CR
June 1 EFTPOS Deposit 370 2522 CR
June 2 Chq 163 104 2418 CR
June 3 Deposit 121 CR
June 3 EFTPOS Deposit 560 CR
June 3 Chq 170 104 2995 CR
June 4 Chq 153 132 2863
June 6 Chq 169 560 2303 CR
June 8 Deposit 500 CR
June 8 EFTPOS Deposit 380 3183 CR
June 9 S. Wills Direct Debit 410 2773 CR
June 11 Chq 173 290 2483 CR
June 12 Deposit 940 CR
June 12 EFTPOS Deposit 690 4113 CR
June 13 Bank Fees 11 4102 CR
June 14 Interest Revenue 50 4152 CR
June 15 Deposit 120 CR
June 15 EFTPOS Deposit 320 4592 CR
June 16 Chq 157 370 CR
June 16 Chq 168 150 4072 CR
June 19 Chq 166 500 3572 CR
June 24 Deposit 940 CR
June 24 EFTPOS Deposit 183 4695 CR
June 29 Chq 175 1080 3615 CR
June 30 Chq 178 1000 CR
June 30 Bank Fees 17 CR
June 30 EFTPOS Merchant fees 42 2556 CR

Kruger Electrical
CASH RECEIPTS JOURNAL (extract – only Cash at Bank column shown)
Date Particulars Cash at Bank
$
June 3 Sales 121
EFTPOS Sales 560
8 Sales 500
EFTPOS Sales 380
12 Sales 940
EFTPOS Sales 690
15 Sales 120
EFTPOS Sales 320
24 Sales 940
EFTPOS Sales 183
30 Sales 89
EFTPOS Sales 102
30 Interest revenue on
14th Jun
50
Totals 4995

Kruger Electrical
CASH PAYMENTS JOURNAL (extract – only Cash at Bank column shown)
Date Particulars Chq
No
Bank
$
June 1 170 104
4 171 46
5 172 13
8 173 290
10 174 70
12 175 1080
13 176 29
17 177 122
20 178 1000
22 179 210
26 180 440
27 181 100
29 182 620
30 183 710
30 S. Wills Direct Debit 410
30 Bank Fees dt. 13th
Jun 11
30 Bank Fees 17
30 Merchant Fees 42
Totals 5314
Extract of General Ledger (update by posting totals from Cash Receipts and Cash
Payments journals and updating the running balance)
Date Particulars Debit Credit Balance
Cash at Bank A/c
1 June Opening Balance
brought/fwd 419 Dr
30-Jun Total from cash receipts
journal 4995 5414 Dr
30-Jun Total from cash payments
journal 5314 100 Dr

KRUGER ELECTRICAL - BANK RECONCILIATION STATEMENT AT 30 JUNE
Kruger Electrical
BANK RECONCILIATION STATEMENT
30-Jun
$ $ $
Credit balance as per bank statement 2556
Plus outstanding deposits 89
102 191
2747
Less - unpresented Cheques No. 161 70
No. 167 21
7
No. 171 46
No. 172 13
No. 174 70
No. 176 29
No. 177 12
2
No. 179 21
0
No. 180 44
0
No. 181 10
0
No. 182 62
0
No. 183 71
0 2647
Debit Balance as per Cash at Bank A/C) $100