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Revision Notes

Bank Reconciliation Statement

ICSE · Class 11 · Accountancy

Quick revision notes for Bank Reconciliation Statement — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

47 questions34 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Importance

  • A businessman generally opens a current account with a bank for bank transactions.
  • The bank periodically provides the customer a copy of the statement of all bank transactions.
  • Cash book and pass book entries for the same transactions should in principle show the same balance, differing only in debit/credit nature.
2

Causes of Difference Between Cash Book and Pass Book

  • Cheque issued but not yet presented causes cash book to show lesser balance than pass book.
  • Cheques paid into bank for collection but not yet credited by the bank cause cash book to show higher balance than pass book.
  • Cheques paid into bank for collection but dishonoured cause cash book to show higher balance than pass book.
3

Rules for Preparing BRS

  • Bank reconciliation statement is prepared by taking the balance of one book as the base and adjusting all items to arrive at the balance of the other book.
  • If the given balance in a question is not specified as favourable or unfavourable, it is treated as favourable and placed in the plus items column.
  • An item not recorded in either book does not affect the reconciliation.
4

Classification of Common Items

  • Cheque issued but not yet presented for payment → Cause of difference: Cash Book balance lesser than Pass Book.
  • Cheques paid into bank for collection but not yet credited by the bank → Cause of difference: Cash Book balance higher than Pass Book.
  • Cheques paid into bank for collection but not yet credited by bank → Effect Table: Cash Book Increase, Pass Book Decrease.

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Full Notes

Key Concepts

A bank reconciliation statement is preparedThe bank column of the cashBalances rarely tally because some itemsWhen a cheque is issuedWhen a cheque is deposited

Frequently Asked Questions

What are the important topics in Bank Reconciliation Statement for ICSE Class 11 Accountancy?
Bank Reconciliation Statement covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Bank Reconciliation Statement — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 47 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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