QUESTION 1 Oluwaseun Trading Company Limited, a Lagos-based wholesale distributor of fast-moving consumer goods, maintains a cash book and a current account with First Zenith Bank Plc. The company's accountant, Mr. Adeyemi, extracted the following information for the month ended 31 March 2024: (i) Balance as per cash book (debit) at 31 March 2024: N842,500 (ii) Balance as per bank statement at 31 March 2024: N1,134,200 (credit) (iii) Cheques issued to suppliers but not yet presented to the bank for payment totalled N385,400 (iv) A customer, Alhaji Musa, paid N210,000 directly into the company's bank account by electronic transfer. This had not been recorded in the cash book. (v) Bank charges of N12,300 debited by the bank had not been recorded in the cash book. (vi) A standing order payment of N45,000 for office rent appeared on the bank statement but had not been entered in the cash book. (vii) A cheque of N78,000 received from a customer and recorded in the cash book had been returned unpaid by the bank marked 'Refer to Drawer'. No entry had been made in the cash book for the dishonour. (viii) Dividends received of N35,000 had been credited directly to the bank account but not recorded in the cash book. (ix) Deposits in transit (cash and cheques paid into the bank but not yet credited by the bank) amounted to N148,900. (x) A cheque for N62,000 drawn in favour of a supplier was correctly recorded in the cash book but was entered in the bank statement as N26,000. Required: (a) Prepare an updated (adjusted) cash book for Oluwaseun Trading Company Limited for the month ended 31 March 2024. (8 marks) (b) Prepare a bank reconciliation statement as at 31 March 2024, reconciling the adjusted cash book balance with the bank statement balance. (8 marks) (c) Explain FOUR reasons why it is important for a business like Oluwaseun Trading Company Limited to prepare a bank reconciliation statement regularly. (4 marks) Total: 20 marks