Archive about 'Bank Reconciliation'

Content Page On Bank Reconciliation Statement

Tweet This Content Page helps you to navigate to all articles relating to Bank Reconciliation. From each topic, you can return to this Content Page Click to the respective topic: Content Page Explain what is a bank statement Reasons For Bank Reconciliation Statement and Items Appearing In The Cash Book and or Bank Statement Format […]

Explain what is a bank statement?

Tweet A bank statement is a monthly statement send by your bank to you or your business.In a bank statement, it shows the following: The balance owed at the beginning of the month New debts incurred during the month Payments made during the month The balance owed at the end of the month This is […]

Explain some reasons for preparing Bank Reconciliation statement

Tweet Reasons for preparing Bank Reconciliation statement To detect items not entered and errors in the cash book To ensure that the cash book entries are complete. Items missing from the cash book will not have been recorded in other ledger accounts and the business records will be unreliable To discover bank errors ( bank […]

Accounting Quiz or Test Your Accounting Knowledge On Bank Reconciliations

Tweet Refresh or test your accounting knowledge on Cost of goods sold,accruals and prepayments:  QUESTIONS: 1.0  What are the possible explanations for differences between the balance shown on a bank statement and the balance shown by a cash book?—–>> refer article 2.0  Describe the procedure or steps on preparing a bank reconciliation —->> refer article   […]

Format Of A Bank Reconciliation Statement

Tweet Below presented as a snapshot with explanatory a simple bank reconciliation statement showing the reconciliation between bank statement and cash book where there is no bank overdraft: { Click here to go to Content Page on all other topics on Bank reconciliation statements} { Click here to go to Content Page on All other […]

Explain what is a dishonored cheque and how it is being treated in the books of account?

Tweet Explain what is a dishonored cheque and how it is being treated in the books of account? Suggested Answer: Dishonored Cheque is a cheque which is presented for payment and the drawer has insufficient fund in his or her account to cover the cheque which will then be returned to the payee marked “ […]

How Many Ways To Prepare The Bank Reconciliation And How Frequent Should We Prepare It

Tweet Question:- I understand that bank reconciliation is the mechanism for checking the general ledger balance( “book balance” ) against the bank statement bank. So can you tell me (a) how many ways are there to prepare a bank reconciliation and (b) how frequent should it be reconciled? In earlier articles, we have discussed reasons […]

Answer To Questions ( True or False) On Bank Reconciliation Statement

Tweet BANK RECONCILIATION True False 1. When Bank column of a Cash Book shows a credit balance, it means overdraft or amount due to the bank X 2. When the bank statement shows a credit balance, it means balance per bank statement or amount due from bank X 3. When Bank column of a Cash […]

Accounting Questions & Answers On Bank Reconciliation Statement

Tweet Answer true or false for the following bank reconciliation statement: 1. When Bank column of a Cash Book shows a credit balance, it means overdraft or amount due to the bank 2. When the bank statement shows a credit balance, it means balance per bank statement or amount due from bank 3. When Bank […]

Answer to Accounting Test Question No 3 &4 On Bank Reconciliation Statement

Tweet Answer to Accounting Test Question No 3: Company A Bank Reconciliation as at 31 st July 2006 $ Balance as per bank statement at 31 st July 2006 55,262 Add: Deposits in transit / Uncredited deposits 1,300 56,562 Deduct: Unpresented cheques Check No 6661 dated July 20th $380 6662 dated July 27th 1,050 Adjusted […]