CBSE/Schools Exam > CBSE/Schools Notes > TREATMENT OF DIFFERENT ITEMS IN PREPARATION OF BANK RECONCILIATION STATEMENT.
TREATMENT OF DIFFERENT ITEMS IN PREPARATION OF BANK RECONCILIATION STATEMENT. - CBSE/Schools PDF Download
while preparing a bank reconciliation statement which type of transactions should be recorded in plus item and which transaction should be recorded in minudminds item
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FAQs on TREATMENT OF DIFFERENT ITEMS IN PREPARATION OF BANK RECONCILIATION STATEMENT. - CBSE/Schools
| 1. What is a bank reconciliation statement? |  |
Ans. A bank reconciliation statement is a document that compares the bank balance shown in the company's accounting records with the balance shown on the bank statement. It helps identify any discrepancies or errors between the two and ensures that the company's financial records are accurate.
| 2. Why is it important to prepare a bank reconciliation statement? | |
Ans. It is important to prepare a bank reconciliation statement to ensure the accuracy of the company's financial records. Discrepancies between the bank balance and the company's records can indicate errors, such as bank errors, outstanding checks, or unrecorded transactions. By reconciling the two balances, any discrepancies can be identified and corrected, ensuring the integrity of the financial information.
| 3. How are outstanding checks treated in the bank reconciliation statement? | |
Ans. Outstanding checks are checks that have been issued by the company but have not yet been presented to the bank for payment. In the bank reconciliation statement, outstanding checks are subtracted from the bank balance to adjust it to the correct balance. This is because the bank balance includes these checks as if they have already been paid, while the company's records should only reflect the checks that have actually cleared the bank.
| 4. How are deposits in transit treated in the bank reconciliation statement? | |
Ans. Deposits in transit refer to cash and check deposits made by the company that have not yet been recorded by the bank. In the bank reconciliation statement, deposits in transit are added to the bank balance to adjust it to the correct balance. This is because the bank balance does not include these deposits, as they have not yet been recorded by the bank, while the company's records should reflect all the deposits made.
| 5. How are bank charges and interest earned treated in the bank reconciliation statement? | |
Ans. Bank charges, such as fees for services or penalties, are deducted from the bank balance in the bank reconciliation statement. This is because these charges reduce the company's actual cash balance. On the other hand, interest earned on the bank account is added to the bank balance. This is because interest increases the company's actual cash balance. By making these adjustments, the bank reconciliation statement reflects the true cash position of the company.
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