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What is the Basics of Bank Reconcialiation ?
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Answer / r.srinivas
Bank Reconciliation is very simple, It's difference between
bank book and pass book
that means difference between your book and pass book, I.e –
your bank balance is Rs. 20000/- In the End of Month 28th
Sep you issue a cheque Rs.15000/-This 15000 cheque is
cleared on only 3rd oct so You have to prepare the BS as on
30th sep
Your book (bank Book)
Op.Bal - 20000
Ch.Issued - 15000
Balance as per your book - 5000
Pass book
Op.Bal - 20000
Still Rs.20000-
So you have to identities which cheque is cleared.
| Is This Answer Correct ? | 18 Yes | 4 No |
Answer / satish
Basics of BRS requires Bank Pass Book and Bank Statement.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / sameer ali
BRS make not pass bokk and bank book..BRS compair to ledger.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / pravin kamble
Bank reconciliation means agreement between two parties, so
each agreement contain the cut off date to get it closed.
(i.g. we can not prepare the reconciliation for the month
of March 2010 by taking the balance / transation posted in
the month of Jan 2010, to prepare the reconcilation we must
consider the opening balance as on 1st March 2010, movement
from 1st march to 31st march 2010 & closing balance as on
31st march 2010)
1)A cut off date which is agreed to prepare a bank
reconciliation.
2)once we deside the cut off date, then only we can compare
the balances in both the books (bank book & pass book) to
find out the differences.
| Is This Answer Correct ? | 1 Yes | 8 No |
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