Rod Retailer: Bank Reconciliation Statement and Invoice Analysis

This assignment focuses on financial accounting tasks for Rod Retailer. The first part involves completing the bank ledger account for June and preparing a bank reconciliation statement as of June 30th, using provided information including the bank statement, cash receipts, and cash payments journals. This includes identifying outstanding deposits, unpresented checks, and other reconciling items to arrive at the correct bank balance. The second part requires an analysis of an invoice from Mereweather Garden Centre. The student needs to check the invoice for accuracy and completeness, and also identify the necessary amendments needed to meet tax requirements, such as the inclusion of 'Tax Invoice', the supplier's and buyer's tax registration numbers.

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:
a) Complete the bank ledger account for June
b) Prepare a Bank Reconciliation Statement at 30th June
 Bank reconciliation statement at 31st May:
$
Debit balance as per bank statement 370
Add unpresented
cheques
Cheque No. Amou
nt
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.
Amou
nt
Date Details Chq
.
No.
Amou
nt
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

PTO
Question (continued)
 Bank Statement for the month of June:
Bank of Preston
Account of: Rod Retailer Bank
Statement for June
Date Particulars Debit Credit Balanc
e
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
a) Rod Retailer – General Ledger
Cash at Bank
Date Details Debit Credit Amount
Jun-01 Balance b/d 242
CR
Jun-30 Cash receipts 5,1
60
4,918
DR
Jun-30 Cash Payments 5,5
95
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
1,6
00
7
3 DR

Jun-30 Balance c/d 73 DR
b) Bank Reconciliation Statement as at 30th June
$
Credit balance as per bank statement 7
53
Add: outstanding deposits 4
90
1243
Less: unpresented cheques
Cheque No. Amount
158 $
90
165 $
250
170 $ 50
171 $
400
172 $
380
1,1
70
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.
Qty Description of Goods Price $ (incl
GST)
Amount $ (incl
GST)
30 Bunches of Flowers $4.40 $132.00
Total including GST of $132.00
Date: 12 May, 2013
Invoice No.: 1414
Customer Name:
P. Pontipine
14 Alpine Drive,
Cornwell VIC 3526
St Georges Road
MEREWEATHER VIC
3333
MEREWEATHER GARDEN
CENTRE

Amendments that are required to be made to this document are listed below:
a. Does not contains the words “Tax Invoice”
b. Does not mentions the tax registration number or business number of the
supplier
c. Does not mentions the tax registration number or business number of the
buyer