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what do you understand by BRS? why is the reconciliation done?
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Answer / deepa
bank reconciliation statement ,it is mainly used for reconcile the difference b/w cash book and bank passbook.
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BRS is the different between balance as bank statements and books of aacounts maintained by assessee.
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Answer / vignesh
BRS is a verification accounting to avoid risk on banking
transaction
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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