NSC Accounting Bank reconciliation: 1.1 Indicate whether the followi

Question

1.1 Indicate whether the following statements are TRUE or FALSE. Write only 'true' or 'false' next to the question numbers (1.1.1 to 1.1.3) in the ANSWER BOOK.

1.1.1 A credit balance on the Bank Statement means that the business has a positive balance in the bank.

1.1.2 A debit card may be used to withdraw cash from an ATM.

1.1.3 A bank overdraft is a short-term loan that is transferred into the business's current bank account.

1.2 VIOLET STORES

The information was extracted from the records of the business for April 2023.

- Violet uses the official Bank Statement which is available on the 25th of each month to complete the monthly reconciliations process.
- She also uses her EFT transaction records (renumbered) to complete the Cash Payments Journal.

REQUIRED:

1.2.1 Update the totals for the Cash Receipts Journal and Cash Payments Journal for April 2023. Use the table provided in the ANSWER BOOK.

1.2.2 Calculate the correct Bank Account balance on 30 April 2023.

1.2.3 Prepare the Bank Reconciliation Statement on 30 April 2023.

1.2.4 Violet noticed problems with the depositing of cash. Explain TWO measures that she can use to address these problems.

1.1 Indicate whether the following statements are TRUE or FALSE - NSC Accounting - Question 1 - 2023 - Paper 2

Worked Solution & Example Answer:1.1 Indicate whether the following statements are TRUE or FALSE - NSC Accounting - Question 1 - 2023 - Paper 2