Bank Reconciliation Statement
NIOS · Class 10 · Accountancy
Flashcards for Bank Reconciliation Statement — NIOS Class 10 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is a Bank Reconciliation Statement?
Answer
A Bank Reconciliation Statement is a statement reconciling the balance shown by the bank passbook and the balance shown by the Bank column of the Cash Book. It is prepared periodically to find the rea…
Why is a Bank Reconciliation Statement prepared?
Answer
The objective of preparing a Bank Reconciliation Statement is to know the causes of difference between the Cash Book balance and the Pass Book balance and to reconcile those differences.
What is the Cash Book in bank transactions?
Answer
Cash Book is the record maintained by the trader or businessman. It has a bank column that records all banking transactions from the firm's side.
What is the Pass Book or Bank Statement?
Answer
Pass Book or Bank Statement is a copy of the firm's account as maintained by the bank in its own ledger and sent to the customer. It records transactions from the bank's side.
What is the main difference between a Cash Book and a Pass Book?
Answer
The Cash Book is maintained by the trader and records banking transactions from the firm's side. The Pass Book is maintained by the bank and shows the firm's account from the bank's side. If all trans…
Why can the Cash Book and Pass Book balances differ even when transactions are correctly recorded?
Answer
Differences can arise because some items are recorded earlier in one book than the other, such as cheques issued but not yet presented, cheques deposited but not yet collected, direct deposits by cust…
What happens when cheques are issued but not yet presented for payment?
Answer
These cheques are shown on the payment side of the bank column of the Cash Book, so they reduce the bank balance as per Cash Book. The bank debits the firm's account only when the cheques are presente…
How are cheques deposited but not yet collected treated when starting from Cash Book balance?
Answer
They are subtracted. The Cash Book shows the deposit immediately, but the bank has not yet credited the amount, so the Pass Book balance is lower.
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