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
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Question 1: Prepare Bank Reconciliation Statement from the following:
ANSWER:
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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:
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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:
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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:
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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.
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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.
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