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A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.?
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A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid ch...
For which month Bank Reconciliation Statement is to be prepared??
Probably it is to be prepared for the month of June; i.e. on 30.06.2017.... Then balance of Pass Book will be less by Rs. 1100000 and cash book will show a increased balance by Rs.1100000.
Now you have to add or less as necessary in the BRS.
Probably it is to be prepared for the month of June; i.e. on 30.06.2017.... Then balance of Pass Book will be less by Rs. 1100000 and cash book will show a increased balance by Rs.1100000.
Now you have to add or less as necessary in the BRS.
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A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid ch...
Bank Reconciliation Statement for Unpaid Cheque
Background: A cheque of `11,00,000 was issued by a customer and presented for payment to the bank. However, the cheque was returned as ‘out of date’ by the bank.
Debit Entry in Bank Statement: The bank has made a debit entry of `11,00,000 in the customer's account in the bank statement as the cheque was not honoured due to being out of date.
Customer’s Action: The customer has re-dated the cheque and presented it again to the bank on 5th July, 2017.
Bank Reconciliation Statement: To reconcile the bank statement, the following steps are taken:
1. Start with the bank statement balance.
2. Add deposits in transit.
3. Deduct outstanding cheques.
4. Add or deduct any bank errors.
5. Compare the adjusted bank statement balance to the book balance.
6. Identify any differences or discrepancies.
7. Adjust the book balance accordingly.
Adjustment in Bank Reconciliation Statement: In this case, we need to adjust the book balance to reflect the re-dated cheque that was paid into the bank. The adjustment will be as follows:
1. Add the amount of the re-dated cheque to the book balance.
2. The adjusted book balance will now match the adjusted bank statement balance.
Conclusion: By reconciling the bank statement, we can identify any discrepancies and ensure that the book balance matches the bank statement balance. In this case, the adjustment was made to reflect the re-dated cheque that was paid into the bank.
Background: A cheque of `11,00,000 was issued by a customer and presented for payment to the bank. However, the cheque was returned as ‘out of date’ by the bank.
Debit Entry in Bank Statement: The bank has made a debit entry of `11,00,000 in the customer's account in the bank statement as the cheque was not honoured due to being out of date.
Customer’s Action: The customer has re-dated the cheque and presented it again to the bank on 5th July, 2017.
Bank Reconciliation Statement: To reconcile the bank statement, the following steps are taken:
1. Start with the bank statement balance.
2. Add deposits in transit.
3. Deduct outstanding cheques.
4. Add or deduct any bank errors.
5. Compare the adjusted bank statement balance to the book balance.
6. Identify any differences or discrepancies.
7. Adjust the book balance accordingly.
Adjustment in Bank Reconciliation Statement: In this case, we need to adjust the book balance to reflect the re-dated cheque that was paid into the bank. The adjustment will be as follows:
1. Add the amount of the re-dated cheque to the book balance.
2. The adjusted book balance will now match the adjusted bank statement balance.
Conclusion: By reconciling the bank statement, we can identify any discrepancies and ensure that the book balance matches the bank statement balance. In this case, the adjustment was made to reflect the re-dated cheque that was paid into the bank.
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A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.?
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A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.?.
A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A debit of ` 11,00,000 appeared in the Bank Statement for an unpaid cheque, which had been returned marked ‘out of date’. The cheque had been re-dated by the customer and paid into Bank again on 5th July, 2017. Explain this situation Bank reconcilation statement.?.
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