Bank Reconciliation Statement
Madhya Pradesh Board · Class 11 · Accountancy
Flashcards for Bank Reconciliation Statement — Madhya Pradesh Board Class 11 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a Bank Reconciliation Statement?
Answer
A Bank Reconciliation Statement is a statement prepared to reconcile the bank balance as per cash book with the balance as per passbook or bank statement, by showing the items of difference between th…
Why is a Bank Reconciliation Statement needed?
Answer
BRS is needed because: 1) The bank balance shown in cash book often differs from the passbook balance, 2) To identify timing differences in recording transactions, 3) To detect errors made by business…
What is a Bank Passbook?
Answer
A Bank Passbook is a copy of a bank account as shown by the bank records. It enables bank customers to check their funds in the bank regularly and update their own records of transactions. It shows de…
What are the two main causes of differences between cash book and passbook balances?
Answer
The two main causes are: 1) Timing differences - differences in the time of recording transactions between cash book and passbook, 2) Errors - mistakes made either by the business firm in the cash boo…
Explain 'Cheques issued but not presented for payment' as a cause of difference.
Answer
When a firm issues cheques to suppliers/creditors, these are immediately entered on credit side of cash book. However, the receiving party may not present the cheque immediately to bank. The bank debi…
What happens when 'Cheques are deposited but not yet collected' by the bank?
Answer
When a firm receives cheques from customers, they are immediately recorded on debit side of cash book, increasing the bank balance. However, the bank credits the account only when cheques are actually…
Give examples of direct debits made by bank without firm's immediate knowledge.
Answer
Examples include: 1) Cheque collection charges, 2) Incidental charges, 3) Interest on overdraft, 4) Bank service charges, 5) Unpaid/bounced cheques deducted, 6) Standing instruction payments (insuranc…
What are direct deposits in bank account?
Answer
Direct deposits occur when debtors (customers) directly deposit money into a firm's bank account without the firm's immediate knowledge. The bank records these receipts in the firm's account, but the …
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