This represents a deposit credited in error by the bank, to Beachbreak (Pty ) Ltd’s account on the 17 February 2018.

QUESTION 5 (25 MARKS)

You are in charge of the audit of “cash and bank” at Beachbreak (Pty) Ltd for the financial year – end February 2018. During the interim audit conducted during late December 2017, you had audited the bank reconciliation at 30 November and found it to be correct. During March, as part of your normal year – end procedures, you are preparing to audBank reconciliation at 29 February 2018 – Beachbreak (Pty) Ltd

Balance as per cashbook $127 261.30

Add: outstanding cheques

49378 3 October 2017 4 447.35

52133 10 December 2017 15 210.65

52876 18 February 2018 9 316.00

53192 22 February 2018 943.89

53193 22 February 2018 47 209.11 77 126.00

204 387.30

Add: direct deposit: Note 1 18 649.30

223 036 60

Less: bank charges and fees for February 2018 (163.00)

Balance as per Bank statement 28 February 2018 222 873.60

Note 1: This represents a deposit credited in error by the bank, to Beachbreak (Pty ) Ltd’s account on the 17 February 2018.

YOU ARE REQUIRED TO describe the audit procedures you would conduct on the bank reconciliation of Beachbreak (Pty) Ltd at 28 February 2018. it the bank reconciliation prepared by Otis Redding and presented below.

 

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