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Summary Bank, Debtors and Creditors Reconciliations - Grade 12 IEB Accounting $4.48
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Summary Bank, Debtors and Creditors Reconciliations - Grade 12 IEB Accounting

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 2 purchases
  • Course
  • Accounting
  • Institution
  • 12
  • Book
  • New Era Accounting

Covers the various sections relating to Reconciliations, as per the IEB Accounting SAG. Includes notes from the textbook, as well as additional class, video and research information. Applicable to all IEB Grade 12s. Written by a 90% < student.

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Document information

  • No
  • Debtors, creditors and bank reconciliation
  • February 6, 2021
  • 14
  • 2020/2021
  • Summary

Subjects

  • grade 12
  • ieb
  • matric
  • matrix
  • accounting
  • bank recon
  • creditors recon
  • debtors recon
  • recons
  • reconciliation

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Written for

  • 12
  • Accounting
  • 200
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2  reviews

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By: humeragani • 1 week ago

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By: gerritcleroux • 3 year ago

Spelling and unwilling to fix it before final exams in November to where I do not need the notes for afterwards.

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Content preview

Reconciliations
Creditors reconciliation

All monthly statements received from creditors must agree with the balances in the businesses’
books.
If any of these balances are not the same, it is necessary to prepare a Creditors reconciliation
Statement, as a form of internal control, to explain the difference between the figures.

It requires the comparison between the information in our books, Creditors individual accounts
in the Creditors ledger, with an external set of information, the monthly statement received from
the Creditor.

CJ - receive an Invoice
CAJ - receive a Credit note
CPJ - issue a cheque
CRJ - issue a receipt
GJ - error correction

Meathod of asking 1:

Creditors Control

- +


Creditors List

- +


Meathod of asking 2: “One on One”

My books of a certain creditor - Creditor’s Ledger

Creditors Control

- +
How to think in my books



Creditors Ledger

Date Day Details Folio Debit - Credit + Balance
Debit Note
Cheque
Discount received
Invoice
Interest on o/d account

, The Creditors books - Statement of account, “Debtor’s Ledger”

Debtors Control

+ -
How to think in their books



Statement of account

Date Day Details Folio Debit + Credit - Balance
Invoice
Interest on o/d account

Receipt
Discount allowed
Credit note


Creditors Reconciliation Statement

Debit + Credit -
Debit balance as per statement of account Always
Invoice understated x
Invoice overstated x
Outstanding cheque x
Credit note not recorded x
Credit balance as per Creditors Ledger Always
x x


If not balanced - Take the difference
1. Multiply by 2, left out amount or debited instead of credited (and vis-versa)
2. Divide by 2, left out amount or debited instead of credited (and vis-versa)
3. Divide by 9, if the answer is a whole number, look for number switching

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