Commerce Exam > Commerce Notes > TS Grewal Solutions - Class 11 Accountancy > Bank Reconciliation Statement (Part-1)
Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce PDF Download
Page No 12.43:
Question 1: Prepare Bank Reconciliation Statement from the following:
ANSWER:
Page No 12.43:
Question 2: Ramesh has his account at Punjab National Bank, Delhi. According to his Cash Book, his bank balance on 31st March, 2019 was ₹ 72,950. He sent cheques for ₹ 90,075 to his bank for collection but cheques amounted to ₹ 43,769 were not collected by that date. Out of the cheques issued by him in payment of his debts, cheques for ₹ 29,344 were not presented for payment. Prepare Bank Reconciliation Statement.
ANSWER:
Page No 12.44:
Question 3: On 31st March, 2019, Cash Book of Mahesh showed debit bank balance of ₹ 75,000. When compared with the Bank Statement, following facts were discovered. On 30th March, two cheques of ₹ 5,000 and ₹ 7,000 were deposited in the bank but were not realised till date. On 28th March, three cheques of ₹ 6,000, ₹ 8,000 and ₹ 12,000 were issued but none of these were presented to the bank for payment. On 31st March, bank credited ₹ 1,250 as interest but this was not recorded in the Cash Book. Similarly, the bank had charged ₹ 150 as bank charges but this was not recorded in the Cash Book.
7Bank paid insurance premium of ₹ 5,000 but it was recorded as ₹ 500 in Cash Book. Prepare Bank Reconcilation Statement on 31st March, 2019.
ANSWER:
Page No 12.44:
Question 4: On 30th June, 2019, bank column of the Cash Book showed balance of ₹ 12,000 but the Pass Book showed a different balance due to the following reasons:
(i) Cheques paid into the bank ₹ 8,000 but out of these only cheques of ₹ 6,500 credited by bankers.
(ii) The receipts column of the Cash Book undercast by ₹ 200.
(iii) On 29th June, a customer deposited ₹ 3,000 directly in the Bank Account but it was entered in the Pass Book only.
(iv) Cheques of ₹ 9,200 were issued of which ₹ 2,200 were presented for payment on 15th July.
(v) Pass Book shows a credit of ₹ 330 as interest and a debit of ₹ 60 as bank charges.
Prepare Bank Reconciliation Statement as on 30th June, 2019.
ANSWER:
Page No 12.44:
Question 5: Cash Book shows a balance of ₹ 12,500. On comparing the Cash Book with the Pass Book, following discrepancies were noted:
ANSWER:
The document Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course TS Grewal Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce
FAQs on Bank Reconciliation Statement (Part-1) - TS Grewal Solutions - Class 11 Accountancy - Commerce
| 1. What is a bank reconciliation statement? |  |
Ans. A bank reconciliation statement is a document that compares the bank statement with a company's internal records of cash transactions. It helps identify any discrepancies between the two and ensures that the company's records are accurate and complete.
| 2. Why is bank reconciliation important for a business? | |
Ans. Bank reconciliation is important for a business as it helps in detecting errors, fraud, or any unauthorized transactions. It also ensures that all transactions are recorded accurately, provides a clear picture of the company's cash position, and helps in identifying 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 or errors are identified and rectified promptly. Performing bank reconciliation regularly also helps in maintaining accurate financial records and prevents any potential financial mismanagement.
| 4. What are the common reasons for discrepancies in bank reconciliation? | |
Ans. The common reasons for discrepancies in bank reconciliation include timing differences (such as outstanding checks or deposits in transit), errors in recording transactions, bank errors, fraudulent activities, bank charges or fees, and any unauthorized transactions.
| 5. What are the steps involved in preparing a bank reconciliation statement? | |
Ans. The steps involved in preparing a bank reconciliation statement are as follows:
1. Compare the ending balance on the bank statement with the balance in the company's cash account.
2. Identify any outstanding checks or deposits in transit that are not yet recorded in the bank statement.
3. Adjust the bank statement balance for any bank charges, fees, or interest earned.
4. Identify any errors or discrepancies in recording transactions between the bank statement and the company's records.
5. Prepare a bank reconciliation statement to reconcile the differences between the bank statement balance and the company's cash account balance.
Related Exams
About this Document
|
4.93/5 Rating |
|
Nov 08, 2024 Last updated |
Document Description: Bank Reconciliation Statement (Part-1) for Commerce 2024 is part of TS Grewal Solutions - Class 11 Accountancy preparation.
The notes and questions for Bank Reconciliation Statement (Part-1) have been prepared according to the Commerce exam syllabus. Information about Bank Reconciliation Statement (Part-1) covers topics
like and Bank Reconciliation Statement (Part-1) Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Bank Reconciliation Statement (Part-1).
Introduction of Bank Reconciliation Statement (Part-1) in English is available as part of our TS Grewal Solutions - Class 11 Accountancy
for Commerce & Bank Reconciliation Statement (Part-1) in Hindi for TS Grewal Solutions - Class 11 Accountancy course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce
Description
Full syllabus notes, lecture & questions for Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for TS Grewal Solutions - Class 11 Accountancy | Best notes, free PDF download
Information about Bank Reconciliation Statement (Part-1)
In this doc you can find the meaning of Bank Reconciliation Statement (Part-1) defined & explained in the simplest way possible. Besides explaining types of
Bank Reconciliation Statement (Part-1) theory, EduRev gives you an ample number of questions to practice Bank Reconciliation Statement (Part-1) tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Important questions
,mock tests for examination
,Objective type Questions
,video lectures
,Extra Questions
,Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce
,Semester Notes
,MCQs
,Viva Questions
,ppt
,Free
,Previous Year Questions with Solutions
,Summary
,Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce
,Exam
,practice quizzes
,shortcuts and tricks
,Sample Paper
,past year papers
,Bank Reconciliation Statement (Part-1) | TS Grewal Solutions - Class 11 Accountancy - Commerce
,study material
;
Additional Information about Bank Reconciliation Statement (Part-1) for Commerce Preparation
Bank Reconciliation Statement (Part-1) Free PDF Download
The Bank Reconciliation Statement (Part-1) is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Bank Reconciliation Statement (Part-1) now and kickstart your journey towards success in the Commerce exam.
Importance of Bank Reconciliation Statement (Part-1)
The importance of Bank Reconciliation Statement (Part-1) cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Bank Reconciliation Statement (Part-1) Notes
Bank Reconciliation Statement (Part-1) Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Bank Reconciliation Statement (Part-1).
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Bank Reconciliation Statement (Part-1) Notes on EduRev are your ultimate resource for success.
Bank Reconciliation Statement (Part-1) Commerce Questions
The "Bank Reconciliation Statement (Part-1) Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Bank Reconciliation Statement (Part-1) on the App
Students of Commerce can study Bank Reconciliation Statement (Part-1) alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Bank Reconciliation Statement (Part-1),
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Bank Reconciliation Statement (Part-1) is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup