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Bank Reconciliation Statement - 1 Video Lecture - CA Foundation
FAQs on Bank Reconciliation Statement - 1 Video Lecture - CA Foundation
| 1. What is a Bank Reconciliation Statement? |  |
Ans. A Bank Reconciliation Statement is a financial document that compares the bank statement balance with the company's cash account balance to identify any discrepancies or errors. It helps in ensuring that the records of the company's cash transactions are accurate and complete.
| 2. Why is it necessary to prepare a Bank Reconciliation Statement? | |
Ans. It is necessary to prepare a Bank Reconciliation Statement to ensure the accuracy of a company's financial records. Discrepancies between the bank statement balance and the cash account balance can occur due to various reasons such as outstanding checks, deposits in transit, bank charges, or errors in recording transactions. By preparing a Bank Reconciliation Statement, these discrepancies can be identified and appropriate actions can be taken to rectify them.
| 3. How often should a Bank Reconciliation Statement be prepared? | |
Ans. A Bank Reconciliation Statement should ideally be prepared on a monthly basis. This allows for timely identification and resolution of any discrepancies between the bank statement balance and the cash account balance. However, depending on the size and complexity of the business, it can also be prepared more frequently, such as weekly or bi-weekly.
| 4. What are some common items that can cause discrepancies in a Bank Reconciliation Statement? | |
Ans. Some common items that can cause discrepancies in a Bank Reconciliation Statement include outstanding checks (checks issued but not yet presented for payment), deposits in transit (deposits made but not yet credited by the bank), bank charges or fees, errors in recording transactions, and errors in bank statements.
| 5. How can discrepancies in a Bank Reconciliation Statement be resolved? | |
Ans. Discrepancies in a Bank Reconciliation Statement can be resolved by taking appropriate actions based on the nature of the discrepancy. For example, outstanding checks can be followed up with the recipients to ensure they are cashed or canceled, deposits in transit can be confirmed with the bank to ensure they are credited, and errors in recording transactions can be corrected in the company's financial records. It is important to investigate and resolve discrepancies promptly to maintain accurate financial records.
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