1. The bank balance as per cash book on 31st dec is rs 8,560. from the following particulars find out the bank balance as per pass book a)on 18th dec ,the debit balance of rs 1760 was recorded as credit balance in cash book b) a cheque of rs 500 issued was recorded twice in the cash book c) a cheque of rs 250 issued was not recorded in cash book d) dividend collected rs 250 and subscription paid rs 100 by bank were not recorded in cash book?
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Bank Reconciliation statement is prepared when bank balance as our books and bank balance as per pass book (i.e bank book) differ...it basically prepared to rectify the error occurred during the bank transactions.
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☛ Cheques deposited but not cleared
☛ Interest/Bank Charges debited by bank
☛ Direct payments made by bank not entered in Cash book
☛ Cheques dishonored not recorded in cash book
☛ Wrong debits given by bank
☛ If it is prepared with the Bank balance as per the bank passbook, then the above procedure will be reversed i.e the items will be added to the pass book which were deducted from the cash book balance and those items will be deducted from the bank pass book balance which were added to the cash book balance.
☛ Bank Reconciliation Statement is prepared either by starting with the Bank pass book balance or Cash book balance.
☛ If the balance of the Cash book is taken as a starting point then Cash book balance is to be adjusted in accordance with the entries passed in the Bank pass book and vice versa. For example: If the balance is taken as per the Cash book then the following items will be added
☛ Cheques issued but not presented for payment
☛ Amount credited in Passbook but not in Cash book
☛ Deposits made in the bank directly
☛ Wrong credits given by bank
☛ Interest credited in the Passbook
► Cheques deposited into the bank but not yet collected
► Cheques issued but not yet presented for payment
► Bank charges
► Interest credited by the bank
► Direct payment by customers into the bank account
► Dishonor of cheques
► Clerical errors
► Amount collected by bank on standing instructions of the concern
► Amount paid by the bank on standing instructions of the concern
► Interest debited by the bank
Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. At the end of every month entries in the cash book are compared with the entries in the pass book. The causes of differences in balances of both the books are scrutinized and then reconciliation statement is prepared.
This statement is prepared for a special purpose and once in a month. It is prepared with a view to indicate items which cause difference between the balances as per the bank columns of the cash book and the bank pass book at a particular date.