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In the bank reconciliation statement, when balance as per the cash book is taken as the starting point, then direct deposits from the customer of Rs. 2,500 in the bank will be
- a)Added
- b)Subtracted
- c)Ignored
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
In the bank reconciliation statement, when balance as per the cash boo...
In the bank reconciliation statement, when the balance as per the cash book is taken as the starting point, direct deposits from the customer of Rs. 2,500 in the bank will be Added.
Explanation:
Explanation:
- A bank reconciliation statement is a statement prepared to reconcile the difference between the cash book balance and the bank statement balance.
- When the balance as per the cash book is taken as the starting point, adjustments are made for transactions that have been recorded in the bank statement but not in the cash book.
- Direct deposits from the customer (Rs. 2,500 in this case) are transactions where the customer directly deposits the money into the bank account without informing the business. Since the business is not aware of this transaction, it is not recorded in the cash book.
- Therefore, to reconcile the cash book balance with the bank statement balance, the direct deposit amount of Rs. 2,500 needs to be added to the cash book balance.
- This adjustment ensures that the cash book balance accurately reflects the bank statement balance, taking into account all transactions, including those not initially recorded in the cash book.
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In the bank reconciliation statement, when balance as per the cash boo...
Added; bank debits the coustomer's accounts as soon as it make the payment but the customers credit the bank's account obly when it comes to know about the such payments
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In the bank reconciliation statement, when balance as per the cash book is taken as the starting point, then direct deposits from the customer of Rs. 2,500 in the bank will bea)Addedb)Subtractedc)Ignoredd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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