SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Problem on Bank Reconciliation Statement Amendment of Cash Book Before BRS
Problem on Bank Reconciliation Statement Amendment of Cash Book Before BRS Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Problem on Bank Reconciliation Statement Amendment of Cash Book Before BRS Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is a Bank Reconciliation Statement (BRS)? |  |
Ans. A Bank Reconciliation Statement (BRS) is a statement that compares the bank balance as per the company's cash book with the balance reported by the bank. It helps in identifying the differences between the two balances and reconciling them to arrive at the correct bank balance.
| 2. Why is it necessary to amend the Cash Book before preparing the BRS? | |
Ans. It is necessary to amend the Cash Book before preparing the Bank Reconciliation Statement (BRS) because any errors or omissions in the Cash Book can lead to discrepancies between the bank balance as per the Cash Book and the bank statement. By amending the Cash Book, we can rectify any mistakes and ensure accurate reconciliation.
| 3. What are the common amendments made to the Cash Book before preparing the BRS? | |
Ans. Common amendments made to the Cash Book before preparing the Bank Reconciliation Statement (BRS) include recording any outstanding checks or deposits, correcting errors in recording transactions, updating bank charges or fees, and including any bank interest or dividends earned.
| 4. What is the purpose of the Bank Reconciliation Statement? | |
Ans. The purpose of the Bank Reconciliation Statement is to ensure that the bank balance as per the Cash Book matches the bank balance reported by the bank statement. It helps in identifying any errors, omissions, or discrepancies between the two balances and allows for proper reconciliation and adjustment of the Cash Book.
| 5. How often should a Bank Reconciliation Statement be prepared? | |
Ans. A Bank Reconciliation Statement should be prepared at regular intervals, typically on a monthly basis, to ensure accurate and up-to-date reconciliation of the company's bank transactions. This helps in identifying any discrepancies or errors promptly and ensures the financial records are accurate.
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