Archive about 'Bank Reconciliation'

Answers To Accounting Question BR No 1 On Bank Reconciliation

Answer to Question No BR1: 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 [...]

Accounting Test No BR1: Bank Reconciliation

Question No BR1: In early August 06, Company A received a bank statement which showed a balance of $55,262 as at 31 th July’06. However, its own record showed a balance of $55,597 on the same date. The following differences are identified: (i)      Deposits amounted to $1,300 was not in the bank statement; (ii)     Two [...]

Bank Reconciliation Statement

Why do we need to have a bank reconciliation statement? Reason For A Bank Reconciliation Statement Due to the timing of the recording of the receipts and payments in the Cash Book from the recording by the bank, very frequently, a Bank Statement balance may not agree with the balance in the Cash Book. Hence, [...]