Answer Posted / 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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