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Published on: 25/09/2019
Bank Reconciliation Statement
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Questions + Answers key
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1.
Explain the process of preparing bank reconciliation statement with amended cash balance
2.
What is a bank reconciliation Statement? Why is it prepared?
3.
On checking Ram's Cash Book with the Bank Statement of his overdraft current account for the month of November, 2013,you find the following:
(i) Cash Book showed an overdraft of Rs 45,000.
(ii) The payment side of the Cash Book had been undercast by Rs 1,500.
(iii) A cheque for Rs 7,500 drawn on his saving account has been shown as drawn on current account.
(iv) Cheques amounting to Rs 70,000 drawn and entered in the Cash Book had not yet been presented.
(v) Cheques amounting to Rs 60,000sent to the bank for collection, though entered in the Cash Book, had not been credited by the bank.
(vi) Bank charges of Rs 750 as per Bank Statement had not been taken into the Cash Book.
(vii) Dividends of the amount of Rs 25,000had been paid direct into the bank and not entered in the Cash Book.
You are required to prepare a Bank Reconciliation Statement on 30th November, 2013
4.
From the following particulars ascertain the balance that would appear in the Bank Pass Book of A at 31st December, 2013 :
(i) The bank overdraft as per Cash Book on 31st December, 2013 Rs 63,400.
(ii) Interest on overdraft for 6 months ending 31st December, 2013,Rs 1,600 is entered in the Pass Book.
(iii) Bank charges of Rs 300 for the above period are debited in the Pass Book.
(iv) Cheques issued but not cashed prior to 31st December, 2013 amounted to Rs 11,680.
(v) Cheques paid into bank but not cleared before 31st December, 2013 were for Rs 21,700.
(vi) Interest on investments collected by the bank are credited in the Pass Book Rs 12,000
5.
On 31st December, 2013,the Pass Book of a merchant shows the credit balance to be Rs 3,357.The cheques and drafts sent to the bank but not collected and credited amounted to Rs 790 and three cheques drawn for Rs 300, Rs 150 and Rs 200 respectively were not presented for payment till 31st January next year.
Bank has paid a bill payable amounting to Rs 1,000 but it has not been entered in the Cash Book and a bill receivable of Rs 500 which was discounted with the bank was dishonoured by the drawer on due date.
The bank has charged Rs 13 as its commission for collecting outstanding cheques and has allowed interest Rs 10 on the trader's balance.
Prepare a Bank Reconciliation Statement and show the balance as shown in the Cash Bank
6.
From the following particulars, ascertain the Bank Balance that would appear in the Bank Pass Book:
(i) Balance as per Cash Book as on March 31, 2014 Rs12,000.
(ii) Out of the total cheques amounting to Rs 10,000 drawn, cheques aggregating Rs 3,000 were encashed in March, 2014, cheques aggregating Rs 4,000were encashed in April, 2014 and the rest have not been presented at all.
(iii)Out of the total cheques amounting to Rs 5,000 deposited, cheques aggregating Rs 1,500 were credited in March, 2014, cheques aggregating Rs 2,000were credited in April, 2014 and the rest have not been collected at all.
(iv) The bank has debited Rs 100 as Bank charges and has credited Rs 200 on account of Interest.
7.
Prepare Bank Reconciliation statement from the following:
| Particulars | Rs | |
|---|---|---|
| (i) | Overdraft as per Pass Book | 20,000 |
| (ii) | Interest on overdraft | 500 |
| (iii) | Cheque issued to creditors not yet presented for payment | 3,500 |
| (iv) | Cheque paid into Bank not collected | 30,000 |
| (v) | Interest on investment collect by Bank not recorded in Cash Book | 500 |
| (vi) | The payment side of Bank column of Cash Book overcast by Rs 700 |
8.
Prepare a Bank Reconciliation Statement from the following:
| Particulars | Amt(Rs.) | |
|---|---|---|
| (i) | Overdraft Balance as per Cash Book | 70,000 |
| (ii) | Cheques deposited into bank for Rs 50,000 but cheques of Rs 10,000 not yet collected by the bank | 10,000 |
| (iii) | Bank charges debited by the bank in the Pass Book but not entered in the Cash Book | 1,000 |
| (iv) | Cheques issued Rs 30,000 but only Rs 24,000 cheques presented for payment | 6,000 |
| (v) | Cheques directly deposited by the customer into our account | 30,000 |
| (vi) | Cheque issued of Rs 8,500 wrongly entered as Rs 10,000 | 1,500 |
9.
From the following information, prepare BRS as on 31st July 2011 :
(i) Balances as per Cash Book is Rs 25,000 as on 31st July, 2011.
(ii) Cheque for Rs 15,000 were deposited into the Bank in the month of July but only cheques for Rs 11,000 were credited by the bank till 31st July 2011.
(iii) Cheques issued for Rs 13,000 in July, out of which a cheque for Rs 9,200 was presented for payment on 3rd August Bank charged Rs 50 as Bank charges and credited interest of Rs 370.
10.
Chhabra & Sons find that overdraft shown by their Cash Book on 31st March 2013 is 30,500 but the Pass Book shows a difference due to the following reasons.
(i) A cheque for 6,000 drawn in favour of Shyam has not been presented for payment.
(ii) A post-dated cheque for 1,000 has been debited in the Bank column of the Cash Book but it could not have been presented in Bank.
(ii) Cheque totalling 12,000 deposited with the bank. have not yet been collected.
(iv) A bill for 5,000 was retired by the bank. under a rebate of 120 but the full amount of the bill was credited in the bank. column of the Cash Book. Prepare a Bank. reconciliation statement and find out the balance as per pass book.
1.
When we look at the various items that normally cause the difference between the pass book balance and the cash book balance, we find a number of items which appear only in pass book why not record such items in the cash book work out the adjusted balance (also known as amended balance) of the cash book and then prepare bank reconciliation statement. This shall reduce the number of items responsible for the difference and have the correct figure of balance at bank in the balance sheet. In fact, this is exactly what is done in practices. Whereby only those items which cause the difference on account of the time gap in recording appear in bank recondition statement these are as
(i) cheques issued but not yet presented,
(ii) Cheques deposited but not yet collected and
(iii) Due to an error in the pass book
2.
Money deposited into a Bank is recorded in the Bank Column of a Cash Book on the debit side while withdrawals are recorded on the credit side of the customer's account and all withdrawals on the debit side. A copy of it is also given to the customer for his knowledge in the form of a pass book or a statement of account. As the same transactions relating to deposits and withdtawals made for a certain period are recorded in the both cash book and pass book, the balances shown by the two at the end of that period should be the same. But, sometimes these two balances differ. If the two balances do not agree, it becomes necessary to know the reasons for difference. A statement showing all the causes of differences is prepared. This statement is called Bank Reconciliation Statement.
Bank Reconciliation Statement is prepared on a particular date to reconcile the bank balance in the Cash Book with the balance as per Bank Pass Book (or Bank Statement) by showing all causes of differences between the two.
The difference between the two balances arises due to some entries which have been recorded in the cash book but not in the pass book. Similarly, there may be some entries recorded in pass book but not in the cash book. Besides, disagreement between the two balances can also happen on account of errors committed either by the customer or by the bank while recording entries in their respective books.
3.
| Particulars | Plus items (Rs) | Minus Items (Rs) |
|---|---|---|
| Overdraft as per Cash Book | 45,000 | |
| Payment side of Cash Book is undercast | 1,500 | |
| Cheque drawn on saving account wrongly shown on current account | 7,500 | |
| Cheques issued but not yet presented for payment | 70,000 | |
| Cheques paid into bank but not yet credited | 60,000 | |
| Bank Charges | 750 | |
| Direct payment of dividend into bank | 25,000 | |
| 1,02,500 | 1,07,250 | |
| Overdraft as per FUssBook Rs 1,07,250- Rs 1,02,500 | 4,750 |
4.
| Particulars | Amount (Rs) |
|
|---|---|---|
| Overdraft as per Cash Book | 63,400 | |
| Add: | Interest debited in Pass Book but not yet entered in Cash Book | 1,600 |
| Add: | Bank charges debited in Pass Book but not yet entered in Cash Book | 300 |
| Add: | Cheques paid in bank but not yet credited by bank | 21,700 |
| 87,000 | ||
| Less: | Cheques issued but not yet presented | 11,680 |
| 75,320 | ||
| Less: | Interest collected and credited by bank but not entered in Cash Book | 12,000 |
| Overdraft as per pass Book | 63,320 |
5.
| Particulars | Plus Items (Rs) | Minus Items (Rs) |
|---|---|---|
| Balance as per pass Book | 3,357 | |
| Cheques and drafts sent to bank but not yet collected and credited | 790 | |
| Cheques drawn but not yet presented for payment | 650 | |
| Bills payable paid by bank but not entered in the Cash Book | 1,000 | |
| A bill discounted with bank dishonoured | 5,00 | |
| Bank charges | 13 | |
| Interest allowed by Bank | 10 | |
| Balance as per Cash Book Rs 5,660 - Rs 660) | 5,000 | |
| 5,660 | 5,660 |
6.
| Particulars | Amount (Rs) |
Amount (Rs) |
|
|---|---|---|---|
| Balance as per Cash Book | 12,000 | ||
| Add: | Cheques issued but not yet presented for payment | 7,000 | |
| Interest allowed by Bank | 200 | 7,200 | |
| 19,200 | |||
| Less: | Cheques deposited but not cleared | 3,500 | |
| Bank charges debited by Bank | 100 | 3,600 | |
| Balance as per pass Book | 15,600 |
7.
| Particulars | Amount (Rs) | |
|---|---|---|
| Bank overdraft as per Pass Book | 20,000 | |
| Add: | Cheques issued not presented | 3,000 |
| Interest on investment collected but not recorded in Cash Book | 500 | |
| Payment side overcast in Cash Book | 700 | |
| 24,200 | ||
| Less : | Interest on Overdraft not recorded in Cash Book | 500 |
| Cheques deposited but not collected | 30,000 | |
| Overdraft/Bank Balance (Dr.) as per Cash Book | 6,300 |
8.
| Particulars | Details (Rs) | Amount (Rs) | |
|---|---|---|---|
| Overdraft/Credit Balance as per Cash Book | 70,000 | ||
| Add: | Cheques deposited or paid into bank but not yet collected or cleared or credited by the bank | 10,000 | |
| Bank charges debited by the bank in the Pass Book but not entered in the Cash Book | 1,000 | 11,000 | |
| 81,0000 | |||
| Less: | Cheques issued or drawn but not yet presented for payment or cashed by the customers or debited in the Pass Book | 6,000 | |
| Cheques directly deposited by the customer into our account | 30,000 | ||
| Cheque issued of Rs 8,500 wrongly entered as Rs 10,000. | 1,500 | 37,500 | |
| Overdraft/Debit Balance as per Pass Book | 43,500 |
9.
| Particulars | Amount (Rs) |
Amount (Rs) |
|
|---|---|---|---|
| Balance as per Cash Book | 25,000 | ||
| Add: | Cheques issued but not presented for payment | 9,200 | |
| Interest not recorded | 370 | 9,570 | |
| Less: | Cheques deposited by not cleared | 4,000 | |
| Bank Charges not recorded | 50 | 4,050 | |
| Balance as per Pass Book | 30,520 |
10.
| Particular | (+) items | (-) items |
|---|---|---|
| Overdraft as per Cash Book | 30,500 | |
| Add: Cheque issued but not presented | 6,000 | |
| Less: Cheques recorded in Cash Book but not banked | 1000 | |
| Less Cheque deposited but not collected | 12,000 | |
| Add: Rebate amount not considered on retirement of bill | 120 | |
| Overdraft as per pass book | 37,380 | |
| 43,500 | 43,500 |
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