Prepare the Bank Reconciliation Statement for June 2023.

Here's a step-by-step solution for Activity L12:

Step 1: Complete the Cash Receipts Journal and Cash Payments Journal. The problem provides the totals of the bank columns for the Cash Receipts Journal (CRJ) and Cash Payments Journal (CPJ) as of 30 June 2023. The additional information describes items that are either bank errors or timing differences, which do not require adjustments to the company's journals before posting their totals to the General Ledger. Therefore, the given totals are considered the completed journals for the purpose of this problem.

• Cash Receipts Journal total: R541 600
• Cash Payments Journal total: R602 133

Step 2: Post to the Bank account in the General Ledger and balance the account. We will create a Bank account in the General Ledger.

Bank Account (General Ledger) | Date | Details | Folio | Amount (R) | Date | Details | Folio | Amount (R) | | :--------- | :------------ | :---- | :--------- | :--------- | :------------ | :---- | :--------- | | 2023 Jun 1 | Balance b/d | | 46 000 | 2023 Jun 30 | Payments (CPJ) | | 602 133 | | 2023 Jun 30 | Receipts (CRJ) | | 541 600 | | | | | | | | | | 2023 Jun 30 | Balance c/d | | 14 533 | | | Total | | 587 600| | Total | | 602 133| | 2023 Jul 1 | | | | 2023 Jul 1 | Balance b/d | | 14 533 |

• Calculation of Balance c/d:
  • Total Debits = R46 000 (Opening Balance) + R541 600 (Receipts) = R587 600
  • Total Credits = R602 133 (Payments)
  • Balance c/d = Total Credits - Total Debits = R602 133 - R587 600 = R14 533
  • Since the credit side is larger, the balance is a credit balance, indicating an overdrawn bank account.

The adjusted cash book balance is an overdrawn balance of R14 533.

Step 3: Prepare the Bank Reconciliation Statement on 30 June 2023. We will reconcile the bank statement balance to the adjusted cash book balance.

Bank Reconciliation Statement as at 30 June 2023

| Item | Debit (R) | Credit (R) | | :---------------------------------------- | :-------- | :--------- | | Balance as per Bank Statement (Overdrawn) | 65 000 | | | Add: | | | | Erroneous debit by bank (Cheque No. 233) | | 70 667 | | Outstanding deposit (30 June 2023) | | 42 667 | | Less: | | | | Outstanding cheque (Cheque No. 234) | 4 000 | | | Adjusted Balance as per Bank Statement | 69 000| 113 334| | Net Adjusted Balance (Credit) | | 44 334 |

• Explanation of adjustments:

  • Balance as per Bank Statement (Overdrawn): An overdrawn balance on the bank statement means the bank's ledger shows a debit balance for the customer. So, we start with R65 000 in the Debit column.
  • Erroneous debit by bank (Cheque No. 233): The bank erroneously debited Mabizela Traders' account by R70 667. This means the bank reduced Mabizela's balance incorrectly. To correct this, the bank needs to credit Mabizela's account. Therefore, we add R70 667 to the Credit column.
  • Outstanding deposit (30 June 2023): A deposit of R42 667 was recorded by the company but not yet by the bank. The bank will credit this amount to the account. Therefore, we add R42 667 to the Credit column.
  • Outstanding cheque (Cheque No. 234): Cheque No. 234 for R4 000 was issued by the company but has not yet been presented to the bank. The bank will debit this amount from the account when it clears. Therefore, we add R4 000 to the Debit column.

• Calculation of Net Adjusted Balance:

  • Total Debits = R65 000 + R4 000 = R69 000
  • Total Credits = R70 667 + R42 667 = R113 334
  • Net Adjusted Balance = Total Credits - Total Debits = R113 334 - R69 000 = R44 334 (Credit balance)

The reconciled bank balance is a favourable balance of R44 334.

There is a discrepancy between the adjusted cash book balance (R14 533 overdrawn) and the reconciled bank statement balance (R44 334 favourable). This indicates a potential error in the problem statement or the provided figures, as these two balances should always match in a correctly prepared bank reconciliation. Given the information, the calculations for both the cash book and the bank reconciliation statement are performed as per standard accounting principles.

Final Answer:

• Adjusted Cash Book Balance: $\boxed{R14 533 Overdrawn}$
• Reconciled Bank Statement Balance: $\boxed{R44 334 Favourable}$