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What is bank reconciliation statement?
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Answer Posted / ammu
From time to time the balance shown by the bank and cash
column of the cash book required to be checked. The balance
shown by the cash column of the cash book must agree with
amount of cash in hand on that date. Thus reconciliation of
the cash column is simple matter. If it does not agree it
means that either some cash transactions have been omitted
from the cash book or an amount of cash has been stolen or
lost. The reason for the difference is ascertained and cash
book can be corrected. So for as bank balance is concerned,
its reconciliation is not so simple. The balance shown by
the bank column of the cash book should always agree with
the balance shown by the bank statement, because the bank
statement is a copy of the customer's account in the banks
ledger. But the bank balance as shown by the cash book and
bank balance as shown by the bank statement seldom agree.
Periodically, therefore, a statement is prepared called
bank reconciliation statement
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