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What is the Purpose of Preparing Bank Reconciliation
Statement?
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Answer Posted / pravin kamble
To show the correct picture of agreement which has been
agreed between the bank & the other party.
1)There may be some item which we have not agreed with bank
but still bank had given us either debit / credit for that
Or there may be some items for which we have agreed with
bank, but while passing the entries in our books of account
might not reflecting due to any reason (forgot, wrong
entered - debit item entered as credit, reversals entries).
2)There may be timing difference, because on the last date
of the agreed period's date, there might be some
transaction which had appreared in bank statement but due
to time limit it was not entered in our books of account.
To show the above two points a bank reconciliation
statement has been prepared. So accordingly we do the
correction in our books of accounts or we force the bank to
get it rectified in their books of account.
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