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Rajeev & Co. Bank Reconciliation Statement Situation Ravi Kumar works as a cashier for Rajeev & Co. His responsibilities include recording and maintainingthe firm's cash book and preparing a bankreconciliation statements at the end of the month. The firm's cash book for July 2018 which Ravi has just completed recording and balacing for the mohnth end is shown below ( Note: For the sake of clarity the cash columnhas been omitted.) A copy of the firm's bank statement from the HDFC Bank Ltd.for the month ofJuly has just been received and is also illustrated. The numericaldifference between the two is : Bank statement balance ₹20,030 minus cash book balance₹17,420=₹2,610 This is the difference which Ravi will have to 'reconcile'. To Reconcile the Cash Book with the Bank Pass Book following four steps are taken in practical. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Step 1. Tick the <a href="https://interviewquestions.tuteehub.com/tag/items-1052972" style="font-weight:bold;" target="_blank" title="Click to know more about ITEMS">ITEMS</a> in both Cash Bookand Bank Statement.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S02.png" width="80%"/> <br/> Step 2: The unticked i.e., deposit of ₹ 1,790 and bank charges of ₹ 120 will be accounted in the Cash Book : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S03.png" width="80%"/> <br/> The balance of bank column now stand at ₹ 19,090, which differs from bank <a href="https://interviewquestions.tuteehub.com/tag/statements-17642" style="font-weight:bold;" target="_blank" title="Click to know more about STATEMENTS">STATEMENTS</a> balance of ₹ 20,030. This remaining difference is dealt with in the Bank Reconciliation Statements.<br/> Step:3 Identify the remaining unticked items from the cash book. These are : <br/> `{:("Receipts July31 Piyush Bros. ₹630",|," Payment","July 2"," Bittoo & Co. (<a href="https://interviewquestions.tuteehub.com/tag/cheque-915097" style="font-weight:bold;" target="_blank" title="Click to know more about CHEQUE">CHEQUE</a> no. 004451)","₹ 1,300"),(,|,,"July 8","Maninder Ltd. (cheque no. 004453)","₹ 270"):}`<br/> These items should appear on <a href="https://interviewquestions.tuteehub.com/tag/next-578185" style="font-weight:bold;" target="_blank" title="Click to know more about NEXT">NEXT</a> month's bank statement as they are because of timing differences. These are the item which willappear in the Bank Reconciliation Statement . <br/> Step. : Preparation of the Bank Reconciliation Statement<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XI_PW_S01_003_S04.png" width="80%"/></body></html> | |