If Pass book & Cash Books Balances are showing same so are
you need to BRS ?
Answer Posted / h.r. sreepada bhagi
Even if the balances of Bank pass Book & Company's bank book
are matching, reconciliation needs to be done to ensure the
correctness of the transactions. 'Compensatory Errors'
(Example is given in one of the answers above), will come to
notice only when reconciliation is prepared. In case all the
entries are matching, then also from the view point of
confirmation and audit, it should be mentioned in the Bank
Reconciliation Statement.
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
The main financial accounting statements?
what is the defination of mat n calculation of mat... with example this is applicable in company or firm, pl. discribe me.....thanx ashok
What Is Responsibility Accounting?
All Interview related Questions pertaining to General Ledger,Finance & Accounts.
please explain all accounting concepts n conventions in detail
Explain under what type of account does the unearned revenues fall?
What is short term solvency ratio?
Tell me do you have any idea about service tax or excise?
Do you know what is balance sheet?
how to calculate ESI,PF,PRO.TAX, INCOME TAX, VAT, T.D.S, EXCISE PLEASE SAY ANSWER IN DETAIL WITH PROPER UNDERSTANDING PLEASE SAY THROUGH WITH EXAMPLE
How can pass reverse entry to close the account. If the Asset sides is greater then liabilities side and vice versa, then what can I do.
what is share application money pending allotment?
While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated
What are the disadvantages of double entry system?
what is opening stock formula?