Bank Reconciliation Statement — Chapter Summary
ICSE · Class 11 · Accountancy
Summary of Bank Reconciliation Statement for ICSE Class 11 Accountancy. Part of the ICSE Class 11 Accountancy syllabus.
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Overview
Bank Reconciliation Statement is a statement used to explain the difference between the balance shown by the cash book and the balance shown by the pass book. The same transactions are recorded in both books, but timing differences, omissions, and errors often cause the balances to differ. A bank re
Key Concepts
A bank reconciliation statement is prepared
A bank reconciliation statement is prepared to reconcile the difference between the bank balance shown by the cash book and the pass book. It explains
The bank column of the cash
The bank column of the cash book records deposits and withdrawals in the bank account. The pass book or bank statement is the copy of all bank transac
Balances rarely tally because some items
Balances rarely tally because some items are recorded in one book but not yet in the other, or because of wrong entries and omissions. Timing differen
When a cheque is issued
When a cheque is issued and recorded in the cash book but not yet presented to the bank, the cash book balance becomes lower than the pass book balanc
When a cheque is deposited
When a cheque is deposited in the bank and entered in the cash book but not yet credited by the bank, the cash book balance becomes higher than the pa
Learning Objectives
- Understand the meaning of a bank reconciliation statement
- Identify why cash book and pass book balances differ
- Classify common reconciling items and their effects
- Prepare a bank reconciliation statement from cash book balance or pass book balance
- Understand favourable and unfavourable balances in both books
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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