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EDIT
Test Working Sheet
nstructions:
lease read this fully before starting.
1) Below is a bank statement for the 3 month period from 1 January to 31 March 2021.
2) There are also 8 adjustments that need to be made to the trial balance. These are below the bank statement.
3) Using the above information, determine the balances of each account as required by the answer sheet. Refer to the email for the link of the answer sheet.
It is recommended to use the working sheet for your solutions.
\begin{tabular}{|c|c|c|c|c|c|}
\hline Date & Note & Description & Payment & Receipt & Balance \\
\hline 01 January & & Balance Brought Forward & & & 2,000 \\
\hline 04 January & 1 & Audit fees & 1,500.00 & & 500 \\
\hline 05 January & 2 & Issue of 6,000 Ordinary Shares & & 60,000.00 & 60,500 \\
\hline 11 January & 3 & Investment in ABC Limited & 50,200.00 & & 10,300 \\
\hline 12 January & 4 & Marketing fees paid for Q4 2020 & 2,000.00 & & 8,300 \\
\hline 15 January & & Bank Charges & 20.00 & & 8.280 \\
\hline 29 January & & Interest Received & & 40.00 & 8,320 \\
\hline 29 January & & Accounting and Administration Fees - Jan & 1,500.00 & & 6,820 \\
\hline 15 February & & Bank Charges & 10.00 & & 6,810 \\
\hline 18 February & 5 & Consultancy Fee received for 2020 & & 700.00 & 7.510 \\
\hline 28 February & & Accounting and Administration Fees - Feb & 1,500.00 & & 6,010 \\
\hline 28 February & & Interest Received & & 40.00 & 6,050 \\
\hline 10 March & 6 & Advisory Fees received for 2021 & & 4,000.00 & 10,050 \\
\hline 15 March & & Bank Charges & 10.00 & & 10,040 \\
\hline 31 March & & Interest Recelved & & 40.00 & 10,080 \\
\hline 31 March & & Accounting and Administration Fees - Mar & 1.500.00 & & 8.580 \\
\hline & & & & & \\
\hline 31 March & & Closing balance & 58,240.00 & 64,820.00 & 8,580 \\
\hline
\end{tabular}
Note
1 Audit fees paid are for the whole of 2021
2 The Shares issued have a nominal value of \( £ 1 \) each
3 The purchase of ABC Limited was for \( £ 50,000 \). The remainder was bank charges.
4 Marketing fees paid are for the previous period, which was accrued at an estimate of \( £ 1,000 \).
5 The Consultancy fee income received is for the previous year.
6 Advisory fees received for the whole of 2021
7 We received an invoice in April, dated 15 April 2021, relating to Marketing services provided in March 2021 for \( £ 500 \)
8 The investment in ABC Limited was revalued to \( £ 58,000 \) at the end of March.
