Explain step for preparing a bank reconciliation statement?
Submitted by: Administrator* 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.
Submitted by: Administrator
* 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.
Submitted by: Administrator
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