The cash book shows a bank balance of ₹ 7,800. On comparing the cash book with passbook the following discrepancies were noted: 1. Cheque deposited in bank but not credited ₹ 3,000 2. Cheque issued but not yet present for payment ₹ 1,500 3. Insurance premium paid by the bank ₹ 2,000 4. Bank interest credit by the bank ₹ 400 5. Bank debited charges ₹ 100 6. Directly deposited by a customer ₹ 4,000
Edaccountancy is an online educational platform that provides free NCERT solutions for accounting students. The platform offers a comprehensive range of solutions and study materials for various topics in accounting, including BCR (Bank Cash Receipts). The BCR NCERT solution provided by Edaccountancy includes a step-by-step guide on how to prepare a BCR, along with examples and practice problems. The solutions are designed to help students understand the concept of BCR and its importance in accounting.
3. The cash book shows a bank balance of ₹ 7,800. On comparing the cash book with passbook the following discrepancies were noted:
1. Cheque deposited in bank but not credited ₹ 3,000
2. Cheque issued but not yet present for payment ₹ 1,500
3. Insurance premium paid by the bank ₹ 2,000
4. Bank interest credit by the bank ₹ 400
5. Bank debited charges ₹ 100
6. Directly deposited by a customer ₹ 4,000
Solution: Bank Reconciliation Statement
No. | Particulars | (+) Amount (₹) | (-) Amount (₹) |
| Balance as per Cash Book | 7,800 |
|
1. | Cheque deposited in bank but not credited |
| 3,000 |
2. | Cheque issued but not yet present for payment | 1,500 |
|
3. | Insurance premium paid by the bank |
| 2,000 |
4. | Bank interest credit by the bank | 400 |
|
5. | Bank debited charges |
| 100 |
6. | Directly deposited by a customer | 4,000 |
|
|
|
|
|
| Balance as per Pass Book |
| 8,600 |
|
| 13,700 | 13,700 |
|
|
|
|
1. Cheque deposited in bank but not credited ₹ 3,000
2. Cheque issued but not yet present for payment ₹ 1,500
In this, Cheques are not recodred in cash book therefore adding it for balancing the statement.
3. Insurance premium paid by the bank ₹ 2,000
In this, Insurance premium paid by bank and not recorded in cash book therefore deducting for getting pass book and cash book to get balanced.
4. Bank interest credited by the bank ₹ 400
In this, bank interest credited by bank but not recorded in cash book therefore added.
5. Bank debited charges ₹ 100
In this, the bank deducted some charges therefore deducted 100.
6. Directly deposited by a customer ₹ 4,000
In this, customer directly deposited 4000 to bank account therefore adding it to get matched balance.
A bank reconciliation statement is a statement that explains the differences between the balance shown in the bank statement and the balance shown in the cash book of a company. It is an important document used by companies to ensure that their cash book and bank statement balances are accurate and to identify any errors or discrepancies.
Here are the steps to prepare a bank reconciliation statement:
Step 1: Enter the balance as per the cash book
Enter the balance as per the cash book on the credit side of the bank reconciliation statement.
Step 2: Enter the balance as per the bank statement
Enter the balance as per the bank statement on the debit side of the bank reconciliation statement.
Step 3: Compare the two balances
Compare the balance as per the cash book and the balance as per the bank statement. If they are the same, then there is no need to proceed further.
Step 4: Identify the items that are in the cash book but not in the bank statement
Identify the items that are in the cash book but not in the bank statement. This includes deposits in transit, outstanding checks, and bank charges.
Step 5: Adjust the cash book balance
Adjust the cash book balance by adding the items that are in the cash book but not in the bank statement.
Step 6: Identify the items that are in the bank statement but not in the cash book
Identify the items that are in the bank statement but not in the cash book. This includes bank interest, electronic deposits, and bank fees.
Step 7: Adjust the bank statement balance
Adjust the bank statement balance by adding the items that are in the bank statement but not in the cash book.
Step 8: Prepare the final bank reconciliation statement
Prepare the final bank reconciliation statement by showing the adjusted balance as per the cash book and the adjusted balance as per the bank statement. If the two balances are the same, then the reconciliation is complete. If there is still a difference between the two balances, then there may be an error or discrepancy that needs to be investigated and corrected.
I hope this helps you understand how to prepare a bank reconciliation statement for your class 11th accounts studies.
2. Cheque issued but not yet present for payment ₹ 1,500
In this, Cheques are not recodred in cash book therefore adding it for balancing the statement.
3. Insurance premium paid by the bank ₹ 2,000
In this, Insurance premium paid by bank and not recorded in cash book therefore deducting for getting pass book and cash book to get balanced.
4. Bank interest credited by the bank ₹ 400
In this, bank interest credited by bank but not recorded in cash book therefore added.
5. Bank debited charges ₹ 100
In this, the bank deducted some charges therefore deducted 100.
6. Directly deposited by a customer ₹ 4,000
In this, customer directly deposited 4000 to bank account therefore adding it to get matched balance.
A bank reconciliation statement is a statement that explains the differences between the balance shown in the bank statement and the balance shown in the cash book of a company. It is an important document used by companies to ensure that their cash book and bank statement balances are accurate and to identify any errors or discrepancies. Here are the steps to prepare a bank reconciliation statement: Step 1: Enter the balance as per the cash book Enter the balance as per the cash book on the credit side of the bank reconciliation statement. Step 2: Enter the balance as per the bank statement Enter the balance as per the bank statement on the debit side of the bank reconciliation statement. Step 3: Compare the two balances Compare the balance as per the cash book and the balance as per the bank statement. If they are the same, then there is no need to proceed further. Step 4: Identify the items that are in the cash book but not in the bank statement Identify the items that are in the cash book but not in the bank statement. This includes deposits in transit, outstanding checks, and bank charges. Step 5: Adjust the cash book balance Adjust the cash book balance by adding the items that are in the cash book but not in the bank statement. Step 6: Identify the items that are in the bank statement but not in the cash book Identify the items that are in the bank statement but not in the cash book. This includes bank interest, electronic deposits, and bank fees. Step 7: Adjust the bank statement balance Adjust the bank statement balance by adding the items that are in the bank statement but not in the cash book. Step 8: Prepare the final bank reconciliation statement Prepare the final bank reconciliation statement by showing the adjusted balance as per the cash book and the adjusted balance as per the bank statement. If the two balances are the same, then the reconciliation is complete. If there is still a difference between the two balances, then there may be an error or discrepancy that needs to be investigated and corrected. I hope this helps you understand how to prepare a bank reconciliation statement for your class 11th accounts studies.
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