bank reconciliation statement questions and answers

Bank reconciliation statement is a statement prepared for determining causes of differences and. 1 and 2 above. the business’ record of their bank account, and the bank statement balance, i.e. A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. [CDATA[ (adsbygoogle = window.adsbygoogle || []).push({}); // ]]> /* ]]> */. iii. 2,000. vii. vii. Items on the bank statement but not in the cashbook. With each highlighted entry, Rose continues to write the differences on her queries list. She will match and reconcile this in the same way she matched and reconciled the Main Bank Account, once she receives her Visa Credit Card statement. Any deposits that are showing in your Cashbook but not on the Bank Statement, use the Bank Reconciliation Worksheet, Any checks/cheques issued by you in your Cashbook but not on the Bank Statement, use the Bank Reconciliation Worksheet. A Chart of Accounts helps a business classify income and expense transactions into specific categories and is like a map to the general ledger accounts. Answer: The receipt from Office Supplies shows her that the Cash Machine (also known as a Cash Till) was $300 and the Petty Cash Box was $50. These will show up on your next month’s Bank Statement, so they will not be entered as adjustments in the Cashbook, they will instead be added to the Bank Reconciliation Worksheet to take the Bank Balance back up (as if these expenses were never entered). You can use any tick symbol that you are comfortable with – there is no hard rule about this. Bank Reconciliation Statement shows causes of differences... Visit the post for more. She has a ruler, a pen and a highlighter. var FIX=FIX||{}; Here are bank reconciliation exercises and answers in printable PDF format and in Excel. Rose then enters the amounts into the Reconciliation section of the worksheet. The BRS MCQs Test is consists of 10 Questions, every question has four options as answer and students need to choose the correct one. accta December 10, 2015 November 30, 2018 Financial Accounting Review. Bank Reconciliation Statements . 3. 3 – The Split purchase of $102.50How: Nothing is done here because the split amount still adds up to $102.50 and so the Cashbook bank balance is correct. are different) then we need to know why. ... If you have any queries regarding CBSE Class 11 Accountancy Bank Reconciliation Statement MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon. Answer:-Bank Reconciliation Statement is a statement prepared to reconcile the balances of cash book maintained by the concern and pass book maintained by the bank at periodical intervals. 210 by the customer having been deposited into bank was dishonored by the bankA check was credited twice in Cash Book for worth Rs. * Cheques issued but not yet presented for payment. Required fields are marked *. Financial Accounting: A Managerial Perspective. QUESTION 1 (BANK RECONCILIATION) The following information is available after the Cash Book of Windhoek Stores was compared with their Bank Statement at 28 February 2010. A check for Rs. 2,077 was issued by the company for purchase of merchandise and was paid by the bank but not recorded in company’s book. double-checked her calculations and ticked the totals with a different kind of 'checked' mark - a C with a line through it. 1,200. ix. The main reasons for preparing bank reconciliation statement are: To identify the reasons for the difference between the bank balance as per the cash book and bank balance as per bank statement. Each account has a ledger showing details of money received or spent. not sufficeint fund. Bank Reconciliation Statement (BRS) is prepared when the bank balance of the Cash Book is not equal to the balance shown by the Pass Book on the same date (when BRS is being prepared).