Bank Reconciliation Statement - Problem no. 1
Problem no. 1: - Favorable Cash Book Balance
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Cash book shows a balance of Rs. 10600.
On comparing the cash book with the pass book,
the following discrepancies were noted.
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Cheque issued but not presented for payment Rs. 800
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Cheque Deposited in bank but not collected Rs. 1100
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Bank paid Insurance premium Rs.500
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Bank Charges Rs. 75
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Particular
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Rs.
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Rs.
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Bank Balance as per Cash Book
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10600
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Add
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Cheque Issued but not presented for payment
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800
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-
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800
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11400
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Less
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Cheque Deposited in bank but not collected
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1100
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Bank paid Insurance Premium
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500
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Bank Charges
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75
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1675
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1675
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Bank as per Pass Book
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9725
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Explanation: |
Cheque issued but not presented for payment Rs. 800: "Cheque issued and we reduced/deducted money from our cash book thinking we paid amount through cheque and bank paid money for that cheque, but that check was not presented in bank and our money not deducted from bank. We will add money back in cash book till cheque is presented in the bank."
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Cheque Deposited in bank but not collected Rs. 1100: "Here same case as cheque issued but we think in opposite direction. We deposited cheque and added money in our cash book thinking we deposited cheque in bank and bank added money into pass book, but cheque till date not cleared and our bank have not added money in our pass book. As we added money which is not added by bank, now we have to reduce/deduct money till our cheque is cleared".
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Bank paid Insurance premium Rs.500: "We have no idea that our bank account reduced to Rs. 500 as our bank paid insurance premium. Now when we get statement we seen that bank paid premium of Rs 500. Now we also have to deduct/reduce insurance premium amount from our Cash book".
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Bank Charges Rs. 75: "Same case as Bank paid insurance premium, here bank taken charges for their services and deducted Rs. 75 from our pass book, now we have to do the same and reduce/deduct Rs. 75 from our cash book".
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*****Hope our explanation is simple and easy to understand.**** If you have any query/question or suggestion, please comment. |
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