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11th Accountancy - Bank Reconciliation Statement Model Question Paper

Published on: 12/12/2019

Bank Reconciliation Statement

Download Tamil Nadu 11th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Questions:

Multiple Choice Question

5 x 1 = 5

Preparation of bank reconciliation statement prevents_______________

(a)

frauds

(b)

profits

(c)

loss

(d)

thefts

_______________can be prepared either from the balance as per cash book or bank statement.

(a)

Bank reconciliation statement

(b)

Financial Statement

(c)

Fund flow analysis

(d)

None of these

___________is not possible to have unfavourable cash balance in the cash book.

(a)

Bank statement

(b)

Bank overdraft

(c)

Cash overdraft

(d)

Cash book

_______________is simply a copy of the customer's account in the books of a bank.

(a)

Cash book

(b)

Bank Statement

(c)

Bank Account

(d)

None of these

Which of the following is not the salient feature of bank reconciliation statement?

(a)

Any undue delay in the clearance of cheques will be shown up by the reconciliation

(b)

Reconciliation statement will discourage the accountant of the bank from embezzlement

(c)

It helps in finding the actual position of the bank balance

(d)

Reconciliation statement is prepared only at the end of the accounting period

Generic 3

5 x 3 = 15

Observe the above format. Why the withdrawals are shown as debit and deposits are shown as credit in a bank statement?

From the following information, prepare bank reconciliation statement to find out balance as per bank statement on 31^st March 2017.

	Particulars	Rs
(i)	Cheques deposited but not yet collected by the bank	500
(ii)	Cheque issued but not yet presented for payment	1,000
(iii)	Bank interest charged	100
(iv)	Rent paid by bank as per standing instruction	200
(v)	Cash book balance	300

What are the causes of difference between bank column of the cash book and bank statement?

What will be the effect of interest charged by the bank, if the balance is an overdraft?

10.

Explain why does money deposited into bank appear on the debit side of the cash book, but on the credit side of the bank statement?

Generic 5

4 x 5 = 20

11.

From the following particulars of Mr. Jacob, ascertain the Bank Balance as per pass book on December 31, 2012.
a) The Bank balance as per cash book was Rs. 11,500 on December 31,2012.
b) Cheques issued but not cashed before that date amounted to Rs. 1,750.
c) Cheques paid into Bank, but not cleared before December 31,2012 amounted to Rs. 2,150.
d) Interest on Investments collected by the Bank but not entered in the cash book amounted to Rs. 275.
e) Local cheque paid in but not entered in the cash book Rs. 250.
f) Bank charges debited in the pass book Rs. 95.

12.

From the following particulars of Mr. Manikandan, prepare a Bank reconciliation statement as on March 31, 2017.
a) The following cheques were paid into the firm's currentAlc in March but were credited by the bank in April: Anbu Rs. 250, Balu Rs. 350 and Chandru Rs. 190.
b) The following cheques were issued by the firm in March and were cashed in April : Prince Rs. 250, Queen Rs. 450 and Raja Rs. 400.
c) A cheque for Rs. 100 which was received from a customer was entered in the bank column of the cash book in March but the same was paid into the bank in April.
d) The pass book shows a credit of Rs. 250 for interest and a debit of Rs. 100 for bank charges.
e) The balance as per cash book was Rs. 18,000 as on 31.03.2017.

13.

On 31^st March, 2017, Anand's cash book showed a balance of Rs. 1,12,500. Prepare bank reconciliation statement.
a) He had issued cheques amounting to Rs. 23,000 on 28.3.2017, of which cheques amounting to Rs. 9,000 have so far been presented for payment.
b) A cheque for Rs. 6,300 deposited into bank on 27.3.2017, but the bank credited the same only on 5^th April 2017.
c) He had also received a cheque for Rs. 12,000 which, although entered by him in the cash book, was not deposited in the bank.
d) Wrong credit given by the bank on 30^th March 2017 for Rs.2,000.
e) On 30^th March 2017, a bill already discounted with the bank for Rs. 3,000 was dishonoured, but no entry was made in the cash book.
f) Interest on debentures of Rs. 700 was received by the bank directly.
g) Cash sales of Rs. 4,000 wrongly entered in the bank column of the cash book.

14.

From the following particulars prepare a bank reconciliation statement of Jayakumar as on 31^st December, 2016.
(a) Balance as per cash book Rs. 7,130.
(b) Cheque deposited but not cleared Rs. 1,000
(c) A customer has deposited Rs. 800 into the bank directly.

Generic 2

5 x 2 = 10

15.

When can a bank reconciliation be prepared?

16.

Dinesh received his salary in cash for Rs. 5,000. He credited this amount in the bank column of cash book

17.

On 15^th December, one of his customers made online payment to Magesh's current account, amounting to Rs. 1,000. There was no entry in the cash book for this.

18.

Briefly explain the statement 'wrongly debited by the bank with the help of an example.

19.

Bank reconciliation statement is prepared only ie., at the end of the year? Comment.

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Answers Key:

Multiple Choice Question

5 x 1 = 5

(a)
frauds

(a)
Bank reconciliation statement

(b)
Bank overdraft

(b)
Bank Statement

(d)
Reconciliation statement is prepared only at the end of the accounting period

Generic 3

5 x 3 = 15

The credit balance in the bank pass book represents the debit balance as per the cash book and vice-versa. This is because bank is a debtor for the business and business unit (customer to the bank) is a creditor for the bank when there is a favourable balance in the bank. When money is deposited by the business into the bank, customers account is credited in the bank sbook, as this is the amount owed by the bank to its customer. Similarly, when the money is withdrawn or taken out of the bank by the business, customer's account is debited as this decreases the amount owed by the bank to the customer. As a result of this, favourable balance, as per-bank statement (bank pass book), will appear as a credit balance and overdrawn balance as a debit balance.

Bank reconciliation statement as on 31^st March, 2017
Particulars	Amount Rs.	Amount Rs.
Balance as per cash book		300
Add: Cheque issued but not yet presented for payment		1,000
		1,300
Less: Cheques deposited but not yet collected by the bank	500
Bank interest charged	100
Rent paid by bank as per standing instruction	200	800
Balance as per bank statement		500

Difference between these two records are as follows:
(i) Timing differences:
(a) Cheque issued but not presented for payment.
(b) Cheque deposited into bank but not yet credited.
(c) Bank charges and interest on loan/overdraft
(d) Interest and dividends collected by the bank.
(e) Dishonour of cheques and bills.
(f) Amount paid by the parties directly into the bank
(g) Payment made directly by the bank to others.
(h) Bills collected by the bank on behalf of its customers.
(ii) Error in casting:
(a) Errors committed in recording the transactions by the business in the cash book.
(b) Errors committed in recording the transactions by the bank.

(i) The bank has to cover the cost of running the customer's account. So debit is given to the account of the business towards bank charges.
(ii) Also, if the business had taken any loan or overdrawn, interest has to be paid by the business.
(iii) These entries for bank charges and interest are made in the bank statement.
(iv) But, the entry is made in the cash book only when the bank statement is received by the business.
(v) Till then, the cash book shows more balance than bank statement.

10.

(i) The debit balance as per the cash book means the balance of deposits held at the bank.
(ii) Such a balance will be a credit balance as per the passbook.
(iii) Such a balance exists when the deposits made by the firm are more than its withdrawals.
(iv) It indicates the favourable balance as per cash book or favourable balance as per the passbook.
(v) In other words, the excess amount withdrawn over the amount deposited in the bank. It is also known as unfavourable balance as per cash book or unfavourable balance as per pass book.

Generic 5

4 x 5 = 20

11.

**In the books of Mr. Jacob Bank Reconciliation Statement as on 31.12.2012**
Particulars	Amount Rs	Amount Rs
Balance as per Cash book		11,500
Add: Cheques issued but not cashed	1,750
Interest on Investment collected by bank	275
Local cheque paid but not entered in cash book	250	2,275
		13,775
Less: Cheques paid into bank, but not cleared	2,150
Bank charges	95	2,245
Balance as per pass book		11,530

12.

**In the books of Mr. Manikandan Bank Reconciliation Statement as on 31.03.2017**
Particulars	Amount Rs	Amount Rs
Balance as per Cash book Add:Cheque issued but not cashed: Prince 250 Queen 450 Raja ...400 Interest allowed by bank	1,100 250	18,000 1,350
Cheque paid into bank but not collected: Anbu 250 Balu 350 Chandru 190 Cheque received but not paid into bank Bank charges	790 100 100	19,350 990
Balance as per pass book		18,360

13.

Bank Reconciliation Statement as on 31^st March 2017
Particulars	Amount Rs	Amount Rs
Balance as per cash book		1,12,500
Add: Cheques issued but not presented	14,000
Wrong credited by the bank	2,000
Interest on debentures received	700	16,700
		1,29,200
Less: Cheques deposited but not cleared	6,300
Cash deposited in the bank	12,000
Bills dishonoured	3,000
Cash sales wrongly entered	4,000	25,300
Balance as per bank statement		1,03,900

14.

Bank Reconciliation Statement as on 31^st December 20.16
Particulars	Amount Rs	Amount Rs
Balance as per cash book		7,130 800
Add: Direct deposit by a customer		7,130 800
		7,930
Less: Cheque deposited but not cleared	1,000	7,930
Balances as per bank statement		6,930

Generic 2

5 x 2 = 10

15.

Normally entries in the cashbook should tally (agree) with those in the pass book and the balances shown by both the books should be the same. But in practice the balances may generally differ. In case of disagreement in the balance of the cash book and the pass book, on a particular date the need for preparing 'Bank Reconciliation Statement' arises. After tracing the various items of difference, the statement is prepared.

16.

Online payment no recorded in cash book is Rs 1,000

17.

Wrong credit in cash book is Rs.1,000
Instead of personal bank account he can open business bank account (i.e.) current account

18.

Amount wrongly debited by the bank implies a situation when the bank wrongly debits a passbook. For example a firm issued a cheque of Rs.1,500 to its creditor and it is presented for payment and paid by the bank but in place of Rs. 1,500 bank debited it wrongly by Rs. 15,000

19.

No, bank reconciliation can be prepared at any time of the year e.g., every month or every quarter or half yearly or yearly