WHAT DOES MEAN BY
RECONCILLATION
EXCESS/SHORTAGE
- 3 Answers
- 4801 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Reconciliation in accounting refers to matching the
accounting figures from 2 statements. For example Bank
reconciliation statement is prepared to tally the difference
between the statement of account from the bank and the bank
account maintained in the books of accounts of a company/firm.
Like wise the ledger account of a customer or a creditor can
be verified with the statement of account received from the
concerned customer or creditor (Supplier/vendor).
Purpose of any reconciliation is to list out the
transactions missing in either of the two statements, find
out the reasons and take necessary action to rectify the
same. It's a good practice to reconcile the accounts
periodically to ensure correct accounting.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / pravin kamble
No, I believe, reconciliation means a statement which shows
difference / agreemnet between two parties.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / vishal
reco means particulear two side transaction cross check and find out excess and short amount like bank reco .supplier gl and our purch. gl
| Is This Answer Correct ? | 0 Yes | 0 No |
goods sold to mr x of rs5000/-,out of that we give him discount allowed of rs 500/-,and we take setting charges of rs1000/-.so what will be the entry?
what is trial balance.?
Sanjay Ltd invited applications from the public for the issue of 10,000 equity shares of Rs. 10 each at a premium of 20%, payable Rs. 3 on application; Rs. 5 on allotment including premium and the balance in two calls of an equal amount. Applications for 15,000 equity shares were received. The directors allotted 10,000 shares to all the applicants on pro-rata basis adjusting the excess application money towards allotment. All money due on allotment and calls were received. Give journal entries to record the above transactions in the books of the company. Also show the balance sheet.
can any body tell me the procedure to learn accountancy with easy tips.i.e., layman accounting policy and rules of debit and credit.
hello friends i like to know journal entry for one loan transaction ie if you purchase a car for EMI with initial payment how to make first entry & monthly entry any thing is there? pls reply to me.
What are the accounting entries for branch accounts?
If i paid cash to my merchandiser(employee) in his imprest account.& if he is not able to arrange the purchase bill than how will be his account settled or what will be the entires for this process.
how to do asset appreciation in sap?
What are the rules for debit and credit for different accounts to increase the amount in your business accounts?
What is your greatest achievement and why?
Tell me how can you define departmental accounting?
sir , i am very confussing enrty for cash receipts in t code fbcj. do the effect on wbs element after selected wbs ?
Audit 
