Commerce Exam > Commerce Notes > Accountancy Class 11 > Bank Reconciliation Statement (Part-3)
Bank Reconciliation Statement (Part-3) | Accountancy Class 11 - Commerce PDF Download
Page No 12.46:
Question 11: Prepare Bank Reconciliation Statement as on 30th September, 2016 from the following particulars:
ANSWER:
Page No 12.46:
Question 12: Bank Statement of a customer shows bank balance of ₹ 62,000 on 31st March, 2019. On comparing it with the Cash Book the following discrepancies were noted:
(i) Cheques were paid into the bank in March but were credited in April:
P − ₹ 3,500; Q − ₹ 2,500; R − ₹ 2,000.
(ii) Cheques issued in March were presented in April:
X − ₹ 4,000; Q − ₹ 4,500.
(iii) Cheque for ₹ 1,000 received from a customer entered in the Cash Book but was not banked.
(iv) Pass Book shows a debit of ₹ 1,000 for bank charges and credit of ₹ 2,000
as interest.
(v) Interest on investment ₹ 2,500 collected by the bank appeared in the Pass Book.
Prepare Bank Reconciliation Statement showing the balance as per Cash Book on 31st March, 2019.
ANSWER:
Page No 12.46:
Question 13: Prepare Bank Reconciliation Statement as on 31st March, 2019 from the following particulars:
ANSWER:
Page No 12.47:
Question 14: On 1st January, 2019, Naresh had an overdraft of ₹ 40,000 as shown by his Cash Book in the bank column. Cheques amounting to ₹ 10,000 had been deposited by him but were not collected by the bank by 1st January, 2019. He issued cheques of ₹ 7,000 which were not presented to the bank for payment up to that day. There was also a debit in his Pass Book of ₹ 600 for interest and ₹ 500 for bank charges.
Prepare a Bank Reconciliation Statement.
ANSWER:
Page No 12.47:
Question 15: Tiwari & Sons find that the bank balance shown by their Cash Book on 31st March, 2019 is ₹ 40,500 (credit) but the Pass Book shows a difference due to the following reasons:
(i) A cheque for ₹ 5,000 drawn in favour of Manohar has not yet been presented for payment.
(ii) A post-dated cheque for ₹ 900 has been debited in the bank column of the Cash Book but it could not have been presented in any case.
(iii) Cheques totalling ₹ 10,200 deposited with the bank have not yet been collected and a cheque for ₹ 4,000 has been dishonoured.
(iv) A bill for ₹ 10,000 was retired by the Bank under a rebate of ₹ 150 but the full amount of the bill was credited in the bank column of the Cash Book.
Prepare Bank Reconciliation Statement and find out the balance as per Pass Book.
ANSWER:
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FAQs on Bank Reconciliation Statement (Part-3) - Accountancy Class 11 - Commerce
| 1. What is a bank reconciliation statement? |  |
Ans. A bank reconciliation statement is a financial document that compares the bank statement with the company's records of its bank transactions. It helps identify any discrepancies between the two and ensures that the company's books are accurate.
| 2. Why is a bank reconciliation statement important? | |
Ans. A bank reconciliation statement is important because it helps ensure the accuracy of a company's financial records. It identifies any discrepancies or errors in the bank transactions, such as missing or duplicate entries, and allows for timely corrections. It also helps detect any fraudulent activities or unauthorized transactions.
| 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. Start with the ending balance from the bank statement.
2. Add any deposits in transit, which are the deposits made by the company but not yet recorded by the bank.
3. Deduct any outstanding checks, which are the checks issued by the company but not yet cleared by the bank.
4. Add or deduct any bank errors found, such as incorrect charges or credits.
5. Compare the adjusted bank balance with the company's adjusted book balance.
6. If the balances match, the reconciliation is complete. If not, further investigation is needed to identify and resolve the discrepancies.
| 4. What are the common reasons for differences between the bank statement and the company's records? | |
Ans. Some common reasons for differences between the bank statement and the company's records include:
1. Outstanding checks: Checks issued by the company but not yet cleared by the bank.
2. Deposits in transit: Deposits made by the company but not yet recorded by the bank.
3. Bank errors: Errors made by the bank in recording transactions, such as incorrect charges or credits.
4. Service charges: Bank fees or charges that may not be recorded by the company.
5. Interest earned: Interest earned on the company's bank account that may not be recorded by the company.
| 5. How often should a company prepare a bank reconciliation statement? | |
Ans. It is recommended that a company prepares a bank reconciliation statement on a regular basis, ideally every month. This allows for timely identification and resolution of any discrepancies or errors in the bank transactions. Regular reconciliation also helps ensure the accuracy of the company's financial records and provides a clear picture of the company's cash position.
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