Bank reconciliation 3: June 2019 (Q1, adjusted)
3.1
Calculate the correct Bank Account balance on 31 May 2019.
Provisional Bank balance
R19 400
Accept alternative
– 1 060 presentations such as
Bank charges
+313 Bank account or
Interest on current a/c
Receipts and Payment
Theft of cash
Correction EFT (6578 – 5678)
– 31 560 columns
+ 900 
– 12 007 
Correct Bank balance
-1 Foreign items, max -2 if
mark is earned in BRS
One part correct
8
Favourable/Unfavourable: Unfavourable See calculation above
3.2
Bank Reconciliation Statement on 31 May 2019
Balance as per Bank Statement
Alternative
(5 050)
DEBIT
5 050 
CREDIT
Balancing figure
Outstanding deposit
21 343
21 343
Outstanding EFTs:
705
(9 450)
(14 350)
(4 500)
(12 007)
797
Debit deposit erroneously credited
Balance as per bank account
9 450
14 350
4 500
12 007
See 3.1
both totals 
Check operation
-1 Foreign items, max -2 if marked is earned in
bank calculation above
3.3
33 350
33 350
8
State TWO internal control measures that the business can use to ensure
that this will not happen in the future.
Possible responses for two marks: Part marks for partially correct answer
•
•
•
•
Encourage debtors to use EFTs and internet banking.
Get other people to handle matters concerning cash (Division of duties/
Rotation of duties)
SMS notifications from the bank for all transactions.
Use security companies to collect/transit the money
TOTAL MARKS
20
4