The Systematic Club | Reliable Papers

The Secretary of The Systematic Club has prepared the following draft Balance Sheet of the Club as on 30.9.2015 : You ascertain the following : (1)      The amount of loss was only a balancing figure as the books had been kept on a single entry basis. (2)      The balance at bank was that shown by the bank statement at the close of the business on 30.9.2015. (3)      The following amounts had been paid into bank on 30.9.2015 but had not been credited by the bank : (i) Two cheques of ~ 50 each had been cashed for a member one had since been duly honoured but the other had been returned marked ‘refer to drawer’ and, on being approached, the member repaid ~ 50 in cash. (iii)     A member’s subscriptions of ~ 80 for the year 2015-16. (4)      The following cheques had been drawn in September but has not been presented until October : (i) ~ 480 for bar supplies which had been delivered but had not been included in stock; (ii) ~ 350 for additional typewriter received on October 2; (iii)  ~ 100 as bonus of the professional included under the creditors; (iv) ~ 140 for fuel which had been included in the stock figure but not in the creditors and this cheque was dated October 1, 2015. You are required to prepare : (a)  a bank reconciliation statement as on 30.9.2015; and (b) a revised Balance Sheet as on the date to give effect to the consequential adjustments, assuming that otherwise the items in the draft Balance Sheet were correct.

Is this the question you were looking for? If so, place your order here to get started!