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Answer Posted / h.r. sreepada bhagi
BRS (Bank Reconciliation Statement) is the process of
verification of Bank A/c entries in the companies book with
the Company's A/c Statement maintained by the bank to find
out the entries in either books which have resulted in
difference in balance between the company books and the Bank
Pass Book or Statement. The objective is to ensure that all
the transactions are entered correctly in the company's
books and no wrong debit or credit is appearing in the bank
statement. In case of any discrepancy in the bank statement
, the same needs to be informed to the Bank for
rectification at their end and any mistakes in the company's
books should be rectified in it's books. based on this any
clarification can be sought from the bank which is need for
accounting and later on audit of the books of accounts.
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