5 A. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are information on bank transactions of Savonn Enterprise as at 31 January 2022: i. Amount of cash as shown on the bank statement and book respectively are RM33,815 and RM33,044. ii. The bank collected RM550 on a note receivable for Savonn Enterprise. The bank charged a collection fee of RM10 which was credited to Savonn Enterprise’s account. iii. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31 January, did not appear on the bank statement. iv. v. An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr Gebang Kencang, was returned with the bank statement. Also returned with the bank statement is a cheque amounted RM650 from Mr Kuwat Klentong for having different authorised signature on the cheque. vi. The bank paid correctly an amount of RM3,680 for cheque No 2808 which was recorded in a book as RM3,860. vii. Outstanding cheque include cheques No. 1001 and No. 1002, with the amount respectively RM431 and RM1,250. viii. Bank mistakenly cleared a cheque amounting RM2100 meant for Sabun Enterprise. ix. Bank charges its services for the month of January 2022 amounting RM50. REQUIRED: Prepare the bank reconciliation statement for Savonn Enterprise as at 31 January 2022.
5
A. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The
followings are information on bank transactions of Savonn Enterprise as at 31 January
2022:
i. Amount of cash as shown on the bank statement and book respectively are
RM33,815 and RM33,044.
ii. The bank collected RM550 on a note receivable for Savonn Enterprise. The
bank charged a collection fee of RM10 which was credited to Savonn
Enterprise’s account.
iii. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31
January, did not appear on the bank statement.
iv.
v.
An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr
Gebang Kencang, was returned with the bank statement.
Also returned with the bank statement is a cheque amounted RM650 from Mr
Kuwat Klentong for having different authorised signature on the cheque.
vi. The bank paid correctly an amount of RM3,680 for cheque No 2808 which was
recorded in a book as RM3,860.
vii. Outstanding cheque include cheques No. 1001 and No. 1002, with the amount
respectively RM431 and RM1,250.
viii. Bank mistakenly cleared a cheque amounting RM2100 meant for Sabun
Enterprise.
ix. Bank charges its services for the month of January 2022 amounting RM50.
REQUIRED:
Prepare the
B. Beginning January 2022, WMA Enterprise has established a petty cash fund for its
small expenditures. The following transactions took place during the month:
REQUIRED:
Prepare the
Date Transactions
2 Jan. Established a RM300 petty cash fund with cash withdrawn from the
company’s current account.
31 Jan. The petty cash fund has RM12 remaining and is replenished. Expenditures
during the month were RM80 for freight-in, RM65 (meals), RM40
(postage), RM75 (amenities) and RM25 (parking).
C. Online Banking is a product that becomes increasingly important with the increase in
online business. Customers via online banking can have an access to their fund without
having to go to the bank. In order to avoid the customers’ fund from becoming
vulnerable to scammers while conducting banking activities online, banking institutions
have taken several security measures.
REQUIRED:
Explain FIVE (5) security measures imposed by banking institutions for allowing an
online access to customer fund.
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