Bank Reconciliation Statement
Madhya Pradesh Board · Class 11 · Accountancy
Quick revision notes for Bank Reconciliation Statement — Madhya Pradesh Board Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.
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Meaning and Need for Bank Reconciliation Statement
- 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
- It shows items of difference between the two accounts and explains why balances differ
- Cash book serves as both cash account and bank account, showing balances at the end of the period
Causes of Differences Between Cash Book and Passbook
- Differences arise due to timing differences and errors made by business or bank
- Timing differences occur due to time gap in recording transactions
- Cheques issued but not presented: Recorded in cash book but not yet paid by bank
Preparation Methods and Format
- Two methods: Without adjusting cash book balance and after adjusting cash book balance
- Standard format shows starting balance, additions, and deductions
- Can be prepared in single column or two-column format (+ and - columns)
Treatment of Favourable Balances
- When starting with favourable cash book balance (debit balance):
- ADD: Cheques issued but not presented, Interest/dividends collected by bank, Direct deposits
- DEDUCT: Cheques deposited but not collected, Bank charges, Direct payments by bank, Dishonoured items
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