Answer to Question #248128 in Accounting for SHAN

Question

The following information was taken from the accounting records of Fantasia Traders.

REQUIRED

3.1 Complete the Cash Receipts Journal and Cash Payments Journal of Fantasia Traders for February

Journals. Use the following format: (10)

3.2 Post to the Bank account in the General ledger. Balance the account. (4)

3.3 Prepare the Bank Reconciliation Statement as at 28 February 2020. (6)

INFORMATION

1. The balance in the bank account in the ledger of Fantasia Traders on 01 February 2020 was R21

960 (favorable).

2. The total of the bank columns of the cash journals on 28 February 2020 were as follows:

Cash receipts journal R216 000

Cash payments journal R209 840

Answer 1

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