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Calculate the correct Bank Account balance on 31 May 2024 - NSC Accounting - Question 1 - 2024 - Paper 2
Question 1
Calculate the correct Bank Account balance on 31 May 2024. The bookkeeper calculated the provisional bank balance as a positive R9 050 on 31 May 2024 using the open... show full transcript
Worked Solution & Example Answer:Calculate the correct Bank Account balance on 31 May 2024 - NSC Accounting - Question 1 - 2024 - Paper 2
Step 1
Calculate the correct Bank Account balance on 31 May 2024.
Answer
To calculate the correct Bank Account balance, we will start from the provisional balance provided by the bookkeeper, which is R9 050.
Next, we need to adjust this balance based on the outstanding items:
- Deduct the outstanding EFTs:
- EFT No. 632: R5 480
- EFT No. 633: R4 600
- Add the outstanding deposits:
- 16 April 2024: R4 000
- 26 April 2024: R1 780
Following these adjustments:
- Starting balance: R9 050
- Add outstanding deposits:
- Subtract outstanding EFT amounts:
Therefore, the correct Bank Account balance on 31 May 2024 is R4 750.
Step 2
Explain TWO important instructions that Scot should give to Kiki to ensure that corruption does not occur with regard to the processing of EFTs.
Answer
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Monitor transaction records: Kiki must check bank transaction records routinely to ensure that all transactions made are reflected correctly. This includes verifying payment details and ensuring there are no unauthorized transactions.
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Protect sensitive information: Scot should instruct Kiki to safeguard all passwords and codes related to online banking, ensuring that access is restricted to authorized personnel only. This reduces the risk of unauthorized access and potential fraudulent activity.