In a bank reconciliation statement, the goal is to reconcile the customer's book (cash book) with the bank statement (bank book) by identifying timing differences and errors. Here's what is added and deducted from each side: Adjustments to the Customer's Book (Cash Book): Add: * Direct deposits by customers: Payments made directly to the bank account by customers but not yet recorded in the cash book. * Interest income: Interest credited by the bank but not yet recorded in the cash book. Deduct: * Bank charges/fees: Charges deducted by the bank that are not yet recorded in the cash book. * NSF (Not Sufficient Funds) checks: Checks deposited that were returned unpaid. * Direct payments made by the bank: Payments (e.g., standing orders, loan repayments, or utility payments) made by the bank on behalf of the customer but not yet recorded in the cash book. Similarly, Adjustments to the Bank Book (Bank Statement): Add: * Deposits in transit: Cash or checks deposited by the customer but not yet processed or credited by the bank. Deduct: * Outstanding checks: Checks issued by the customer that have not yet been cleared or presented to the bank.
Greetings Miss! is this the accurate performa or table for solving BRS? Can i copy as it is on my exam? because my teacher told us to do draw it with accurate pattern
Unlike the preparation of financial statements, which are governed by strict guidelines such as International Accounting Standards (IAS), so there is no standardized or universally binding rule for preparing a bank reconciliation statement. However, there is a common approach that is generally followed in practice. Typically, the process begins with the unadjusted balance, either from the company's cash book or the bank statement, and concludes with the adjusted balance after incorporating all necessary adjustments, such as outstanding checks, deposits in transit, and bank charges. This flexible framework allows organizations to tailor the reconciliation process to their specific needs while ensuring accuracy and alignment between their records and the bank's.
Aoa ma'am, yeah samajh nhi ai, subtract or additions ki. Koi hint or instruction bta de jo har jaga applicable ho
In a bank reconciliation statement, the goal is to reconcile the customer's book (cash book) with the bank statement (bank book) by identifying timing differences and errors. Here's what is added and deducted from each side:
Adjustments to the Customer's Book (Cash Book):
Add:
* Direct deposits by customers: Payments made directly to the bank account by customers but not yet recorded in the cash book.
* Interest income: Interest credited by the bank but not yet recorded in the cash book.
Deduct:
* Bank charges/fees: Charges deducted by the bank that are not yet recorded in the cash book.
* NSF (Not Sufficient Funds) checks: Checks deposited that were returned unpaid.
* Direct payments made by the bank: Payments (e.g., standing orders, loan repayments, or utility payments) made by the bank on behalf of the customer but not yet recorded in the cash book.
Similarly, Adjustments to the Bank Book (Bank Statement):
Add:
* Deposits in transit: Cash or checks deposited by the customer but not yet processed or credited by the bank.
Deduct:
* Outstanding checks: Checks issued by the customer that have not yet been cleared or presented to the bank.
Really helpful ❤ Jazak ALLAH khair
Bhtttt Acha smajti hain ap Dr shb
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Qasam se kal paper hai or kuch bhi nai ata tha lekin sara chapter 7 or 8 yahan se kiya😭😭😭😭thanks alot
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Best of luck for your exam
Greetings Miss! is this the accurate performa or table for solving BRS? Can i copy as it is on my exam? because my teacher told us to do draw it with accurate pattern
Unlike the preparation of financial statements, which are governed by strict guidelines such as International Accounting Standards (IAS), so there is no standardized or universally binding rule for preparing a bank reconciliation statement.
However, there is a common approach that is generally followed in practice. Typically, the process begins with the unadjusted balance, either from the company's cash book or the bank statement, and concludes with the adjusted balance after incorporating all necessary adjustments, such as outstanding checks, deposits in transit, and bank charges.
This flexible framework allows organizations to tailor the reconciliation process to their specific needs while ensuring accuracy and alignment between their records and the bank's.
A Great Help of Students😍😍😍
Maam aj kl question kch British method se a rhe ha general wo be bn dy or ek Whatsapp channel be bny tk helpful ho
Ok I will try to add some examples from A level or ACCA
thanks miss g 🥰🤗
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Allah pak give you more success ❤❤
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