How bank reconciliation statement is prepared
- 3 Answers
- 5780 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ram poudel
Bank Reconciliation statement is perpared Bank Statement
and Maintened account with bank
Our Books Balance
Add: Amt Cr By us But Not dr By Bank
ADD: Amt Cr by bank But not dr by us
Less: Amt dr by bank But not Cr By us
Less: Amt Dr By bank But Not Cr By Us
Bank Balance
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / murali koda
Hi Friends.
The following procedures are followed while preparing the
bank reconciliation statement:
* Compare cash book and pass book items.
* Give sign to all the items of cash book and pass book
which are matched with each other.
* Make a list of unmatched items found in cash book and pass
book.
* Prepare bank reconciliation statement taking balance
either from cash book or pass book as a basis.
* Adjust the items which cause the disagreement in the
balances. Add the items which have decreased the balance on
the book with which reconciliation is to be made. On the
contrary subtract the amount of those items which have
increased the balance.
These procedures should be followed only when the cash book
and pass book are to be compared. But if causes of
differences are already given, the above procedures need not
be followed.
If the causes of disagreement between the cash book and pass
book balances are given, the bank reconciliation statement
can be prepared either by taking the balance of cash book or
pass book. The bank reconciliation statement can be prepared
by using either of the following bases.
* Debit balance shown by cash book
* Credit balance shown by cash book (bank overdraft)
* Credit balance shown by pass book
* Debit balance shown by pass book (bank overdraft)
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / harsh
Bank Reconciliation statement is perpared Bank Statement
and Maintened account with bank
Our Books Balance
Add: Amt Cr By us But Not dr By Bank
ADD: Amt Cr by bank But not cr by us
Less: Amt dr by bank But not Cr By us
Less: Amt Dr By bank But Not Cr By Us
Bank Balance
| Is This Answer Correct ? | 6 Yes | 5 No |
The Trial balance will show only the Opening Stock & Purchase for any given period, but for Profit and loss, we have to calucate the Opening + Purchase – Closing stock ?
what is current rate of excies duty for a manufacturing company?
Under Accrual Accounting, How Are Worker Comp Premiums Handled?
How do you classify errors in accounting?
What we have to post entry for payroll processing ? (Indian payroll)
What is derivates and types of derivatives?
Contents of a Balance sheet
An amount of $287 written off as a bad debt in a previous accounting period was received from photo services. How to pass the journal entry?
Why Is The Distinction Between Product Costs And Period Costs Important?
"Closed Period" method. our current company method of accounting is called the "OPEN PERIOD". It's time we'd like to use the "CLOSED PERIOD". What is the standard timing and detailed procedure for closed period most of the company have been used. Please advise. thanks.
how to enter in tally ? its a running company but now start to accounts maintaining we rent paid in advance (valid 1/6/2015 to 31/05/2016
we are a trading company providing devices and some times after sales service. when any defect came we just replace the hardware from another defective device and getting the payment from the customer. how can we account that? is there any tax implications for this?
Audit 
