SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Format of Bank Reconciliation Statement
Format of Bank Reconciliation Statement Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Format of Bank Reconciliation Statement Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is a Bank Reconciliation Statement? |  |
Ans. A Bank Reconciliation Statement is a document that compares the bank balance shown in a company's accounting records with the balance shown on the bank statement. It helps to identify any discrepancies or errors between the two balances and ensures that the company's financial records are accurate.
| 2. Why is a Bank Reconciliation Statement important? | |
Ans. A Bank Reconciliation Statement is important because it helps to ensure the accuracy of a company's financial records. By comparing the bank balance in the accounting records with the bank statement balance, any discrepancies can be identified and resolved. It helps to detect errors, such as checks that have not cleared or bank charges that have not been recorded, and ensures that the company's records are in line with the bank's records.
| 3. 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 of the bank statement with the ending balance of the company's cash account.
2. Identify any outstanding checks or deposits in transit that have not yet been recorded in the company's records.
3. Adjust the company's cash account for any outstanding checks or deposits in transit.
4. Compare any bank charges or credits on the bank statement with the company's records and make necessary adjustments.
5. Reconcile the adjusted cash balance with the ending balance on the bank statement to ensure they match.
| 4. What are outstanding checks and deposits in transit? | |
Ans. Outstanding checks are checks that have been written by the company but have not yet been presented to the bank for payment. Deposits in transit are deposits that have been made by the company but have not yet been recorded by the bank. These items need to be accounted for in the Bank Reconciliation Statement to ensure that the company's cash balance is accurate.
| 5. What are some common reasons for discrepancies between the bank balance and the company's recorded balance? | |
Ans. Some common reasons for discrepancies between the bank balance and the company's recorded balance include:
1. Outstanding checks or deposits in transit that have not been recorded by the bank or the company.
2. Bank errors, such as incorrectly recording a transaction or omitting a transaction.
3. Timing differences, where transactions are recorded on different dates by the bank and the company.
4. Bank charges or fees that have not been recorded in the company's records.
5. Fraud or unauthorized transactions that need to be investigated and resolved.
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