Professional Documents
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FAC 1502-S1-2016
UNISA
BANK RECONCILIATION STATEMENT
[STUDY UNIT 8]
Prepared by: Ramashau Aluwani
2016-03-22
MENU LIST
INTRODUCTION
BANK RECON
GOLDEN RULES
MUST DO EXERCISE
SELF ASSESSMENT CHECK-LIST
INSPIRATIONAL POEM
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INTRODUCTION
Dear Honourable Members
Just a reminder the first assignment is due on the 30th March
2016. Make sure you submit on time.
I have prepared notes on Bank Recon as well as selected MUST
do previous exam question papers. Go through the notes and if
you require my assistance let me know.
Kind regards
Mr. Ramashau Aluwani
UNISA E-Tutor: FAC 1502 (Group 3E)
I will work hard until I dont have to introduce myself
Ramashau Aluwani
2016-03-22
BANK RECONCILIATION
An entity which has a cheque account can arrange with the bank to issue a
bank statement at a regularly intervals, usually monthly.
The bank statement reflects all transactions on the clients account in the
books of the bank and usually shows the daily balance of the account.
The bank statement shows, among other things, the opening balance for
the period, bank transactions made during that period and the closing
balance at the end of that period.
Since bank statements made by the entity are also recorded in its cash
receipts and cash payments journals, the balance shown in the bank
statement should agree with the balance in the bank account in the books
of the entity. However, this is rarely the case.
Banks furnish their clients periodically (usually monthly) with a bank
statement.
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EXERCISE 8.1
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BANK STATEMENT
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GOLDEN RULES
Transactions or corrections which the entity must react on, must be recorded in
the two cash journals (CRJ & CPJ) of the entity, e.g bank charges, interest, debit or
stop orders, errors in the books of the entity, stale cheques
Transactions or corrections which the bank must react on must be recorded in the
bank reconciliation e.g deposits not yet credited, unpaid cheques and errors made
by the bank to be corrected.
A favourable bank account balance is on the debit side of the bank account as well
as on the bank reconciliation statement
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STUDY GUIDE
EXERCISE 8.2 (PAGE 175-177)
REVISION EXERCISE 1 (PAGE 180-182)
REVISION EXERCISE 2 (PAGE 183-184)
REVISION EXERCISE 3 (PAGE 185-186)
REVISION EXERCISE 4 (PAGE 187)
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STUDY UNIT 1 - 5
DONE
STUDY UNIT 6
DONE
STUDY UNIT 7
DONE
STUDY UNIT 8
DONE
STUDY UNIT 9
DONE
ASSIGNMENT NO. 1
DONE
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INSPIRATIONAL POEM
Change Your World
You cannot change the world,
But you can present the world with one improved person -
Yourself.
You can go to work on yourself to make yourself
Into the kind of person you admire and respect.
You can become a role model and set a standard for others.
You can insist upon always doing things the loving way,
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THANK YOU
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