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Page 1 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Page 2 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Meaning 7/12/2013 WWW.CAPANKAJG OEL.COM 2 Page 3 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Meaning 7/12/2013 WWW.CAPANKAJG OEL.COM 2 7/12/2013 WWW.CAPANKAJGOEL.CO M 3 Page 4 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Meaning 7/12/2013 WWW.CAPANKAJG OEL.COM 2 7/12/2013 WWW.CAPANKAJGOEL.CO M 3 Bank Reconciliation Statement Strictly speaking there should be no difference in Cash Book(Bank Column) and Pass book(BANK STATEMENT). . However on a particular date it is possible that balances on both the books do not tally. After finding the reasons for non agreement of the bank balances efforts are made to reconcile. This statement is prepared in the form of BRS. Page 5 Bank Reconciliation Statement CPT Section A- Fundamentals of Accounting Chapter 3 CA. Pankaj Goel Meaning 7/12/2013 WWW.CAPANKAJG OEL.COM 2 7/12/2013 WWW.CAPANKAJGOEL.CO M 3 Bank Reconciliation Statement Strictly speaking there should be no difference in Cash Book(Bank Column) and Pass book(BANK STATEMENT). . However on a particular date it is possible that balances on both the books do not tally. After finding the reasons for non agreement of the bank balances efforts are made to reconcile. This statement is prepared in the form of BRS. Importance of BRS Errors which may have been committed Undue delay in clearance of cheques Discourages staff from embezzlementRead More
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FAQs on PPT : Bank Reconciliation Statement - Accountancy Class 11 - Commerce
| 1. What is a bank reconciliation statement? |  |
Ans. A bank reconciliation statement is a document that compares the bank statement balance with the balance shown in a company's accounting records. It helps identify and explain any differences between the two balances, such as outstanding checks, deposits in transit, or bank errors.
| 2. Why is bank reconciliation important? | |
Ans. Bank reconciliation is important because it ensures the accuracy and completeness of a company's financial records. It helps identify errors, discrepancies, and fraudulent activities, allowing businesses to take necessary actions promptly. Additionally, bank reconciliation helps in detecting any bank charges or fees that may have been overlooked.
| 3. How often should bank reconciliation be performed? | |
Ans. Bank reconciliation should ideally be performed on a monthly basis. This ensures that any discrepancies between the bank statement and the company's records are promptly identified and resolved. Regular reconciliation also helps in tracking cash flow, monitoring outstanding checks, and detecting any unauthorized transactions.
| 4. What are some common reasons for differences between the bank statement and the company's records? | |
Ans. Some common reasons for differences between the bank statement and the company's records include outstanding checks that have not been cleared by the bank, deposits in transit that have not yet been credited by the bank, bank errors, errors made by the company in recording transactions, and unauthorized transactions or fraud.
| 5. How can discrepancies between the bank statement and the company's records be resolved? | |
Ans. Discrepancies between the bank statement and the company's records can be resolved by thoroughly investigating the differences. This may involve contacting the bank to clarify any unclear transactions, reviewing outstanding checks and deposits in transit, correcting any errors made by the company, and adjusting the accounting records accordingly. In case of unauthorized transactions or fraud, the appropriate authorities and the bank should be notified promptly.
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