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On 31st Chaitra 2075 Bank Statement of KK Company disclosed a balance of Rs. 25,000 and Cash Book showed the…

a) On 31st Chaitra 2075 Bank Statement of KK Company disclosed a balance of Rs. 25,000 and Cash Book showed the balance of Rs. 30,000.

i. Number of cheques were deposited in the bank but on 31st Chaitra, 2075, a cheque for Rs. 5,000 was not credited in the Bank Statement.

ii. Cheques issued of Rs. 8,000 but only Rs. 3,000 presented before 31st Chaitra.

iii. Notes receivable collected by the bank Rs. 5,000.

iv. Cash of Rs. 6,000 deposited by the company on Chaitra was recorded by the bank as Rs. 4,000.

v. A cheque for Rs. 8,000 received from a customer was returned by the bank due to insufficient fund with the bank.

Required : Bank Reconciliation Statement as on 31st Chaitra 2075.

b) Differentiate between account receivable and note receivable.

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    Bank 250,000
    Discount Allowed 7,000
    Plant and Machinery 200,000
    Purchases 215,000
    Debtors 90,000
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    Salary 120,000
    Rent 70,000
    Capital 400,000
    Creditors 50,000
    Commission Received 10,000
    Sales 700,000
    12% Bank Loan 100,000
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    d. Depreciation on Plant and Machinery at 15% per annum

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    e. Sold goods on credit for Rs. 170,000.

    f. Received a cheque from debtor, Rs. 135,000 after deduction of 10% discount.

    g. Paid Rs. 47,500 to creditor after deducting 5% discount.

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    i. Paid wages Rs. 20,000 and office salary Rs. 25,000 by issuing cheques.

    j. Paid Rs. 20,000 as rent by issuing a cheque for the period.

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