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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 embezzlement  
Read 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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