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WHAT DO YOU MEAN BY BANK RECONCILIATION STATEMENT AND MIS
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Answer Posted / vijay bhaskar reddy
Bank reconciliation statement is tallying of our bank book
(transactions made through bank)balances with the banker's
pass book.MIS(Management Information System) is the
preperation of reports of the firm for a particular period
(Receipts & payments A/c, BRS, and other reports). MIS
indicates the exact picture of what were happened in the
particular period. Bank Reconciliation statement also one
of the report in MIS. Thankyou.
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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