Answer :
Sure! Let's go through each question step-by-step.
### 1.1.1 Write down the month on which the bank statement was issued.
The bank statement includes dates such as 01/12, 02/12, etc., where '12' indicates the month of December. Therefore, the bank statement was issued in December.
### 1.1.2 Explain the term debit in the context of the bank statement.
In the context of a bank statement, a debit refers to an amount of money that is taken out or withdrawn from the account. A debit decreases the balance of the account.
### 1.1.3 Determine:
#### (a) A, the withdrawal fee on 02/12.
The table of fees shows that the cash withdrawal fee at an ABC ATM is R5.25 per withdrawal. Given that there is no additional information specifying another type of withdrawal, we assume this is an ATM withdrawal. Therefore, the fee, A, is R5.25.
#### (b) B, the balance on 17/12.
To calculate the balance on 17/12:
- Opening balance on 01/12: 15
- After the withdrawal fee on 02/12: 14
- After POS withdrawals on 09/12:
- First withdrawal takes out 521.89: 14 - 521.89 = -507.89
- Second withdrawal takes out 400.00: -507.89 - 400.00 = -907.89
- Third withdrawal fee of 4.30: -907.89 - 4.30 = -912.19
- On 17/12, a deposit of 600.00 is made: -912.19 + 600.00 = -312.19
- Cash deposit fee of 19.70: -312.19 - 19.70 = -331.89
Given the processing of deposits and calculation constraints:
- Initial balance before deposit: 13
- Deposit amount: 600.00
- Deposit fee: 19.70
Updating the balance:
[tex]\[ 13 + 600.00 - 19.70 = 593.30 \][/tex]
Therefore, the balance B on 17/12 is R593.30.
### 1.1.4 Show how the deposit fee of R19.70 on 17/12 was calculated.
The fee structure for cash deposits at a branch counter is given by:
[tex]\[ R8.00 + R1.95 \text{ per R100 deposited} \][/tex]
Given the deposit amount is R600.00:
[tex]\[ \text{Fee} = 8.00 + (1.95 \times \frac{600}{100}) \][/tex]
[tex]\[ \text{Fee} = 8.00 + (1.95 \times 6) \][/tex]
[tex]\[ \text{Fee} = 8.00 + 11.70 \][/tex]
[tex]\[ \text{Fee} = 19.70 \][/tex]
The fee of R19.70 is calculated correctly using this formula.
### 1.1.5 Calculate the total amount withdrawn from this account shown in the bank statement above.
The total amount withdrawn includes all the debit transactions related to cash withdrawals:
- POS cash withdrawal on 09/12: 521.89
- POS cash withdrawal on 09/12: 400.00
- POS purchase and withdrawal fee on 09/12: 4.30
Adding these amounts:
[tex]\[ 521.89 + 400.00 + 4.30 = 926.19 \][/tex]
Therefore, the total amount withdrawn from this account is R926.19.
### 1.1.1 Write down the month on which the bank statement was issued.
The bank statement includes dates such as 01/12, 02/12, etc., where '12' indicates the month of December. Therefore, the bank statement was issued in December.
### 1.1.2 Explain the term debit in the context of the bank statement.
In the context of a bank statement, a debit refers to an amount of money that is taken out or withdrawn from the account. A debit decreases the balance of the account.
### 1.1.3 Determine:
#### (a) A, the withdrawal fee on 02/12.
The table of fees shows that the cash withdrawal fee at an ABC ATM is R5.25 per withdrawal. Given that there is no additional information specifying another type of withdrawal, we assume this is an ATM withdrawal. Therefore, the fee, A, is R5.25.
#### (b) B, the balance on 17/12.
To calculate the balance on 17/12:
- Opening balance on 01/12: 15
- After the withdrawal fee on 02/12: 14
- After POS withdrawals on 09/12:
- First withdrawal takes out 521.89: 14 - 521.89 = -507.89
- Second withdrawal takes out 400.00: -507.89 - 400.00 = -907.89
- Third withdrawal fee of 4.30: -907.89 - 4.30 = -912.19
- On 17/12, a deposit of 600.00 is made: -912.19 + 600.00 = -312.19
- Cash deposit fee of 19.70: -312.19 - 19.70 = -331.89
Given the processing of deposits and calculation constraints:
- Initial balance before deposit: 13
- Deposit amount: 600.00
- Deposit fee: 19.70
Updating the balance:
[tex]\[ 13 + 600.00 - 19.70 = 593.30 \][/tex]
Therefore, the balance B on 17/12 is R593.30.
### 1.1.4 Show how the deposit fee of R19.70 on 17/12 was calculated.
The fee structure for cash deposits at a branch counter is given by:
[tex]\[ R8.00 + R1.95 \text{ per R100 deposited} \][/tex]
Given the deposit amount is R600.00:
[tex]\[ \text{Fee} = 8.00 + (1.95 \times \frac{600}{100}) \][/tex]
[tex]\[ \text{Fee} = 8.00 + (1.95 \times 6) \][/tex]
[tex]\[ \text{Fee} = 8.00 + 11.70 \][/tex]
[tex]\[ \text{Fee} = 19.70 \][/tex]
The fee of R19.70 is calculated correctly using this formula.
### 1.1.5 Calculate the total amount withdrawn from this account shown in the bank statement above.
The total amount withdrawn includes all the debit transactions related to cash withdrawals:
- POS cash withdrawal on 09/12: 521.89
- POS cash withdrawal on 09/12: 400.00
- POS purchase and withdrawal fee on 09/12: 4.30
Adding these amounts:
[tex]\[ 521.89 + 400.00 + 4.30 = 926.19 \][/tex]
Therefore, the total amount withdrawn from this account is R926.19.