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State the causes of difference occured due to time lag. |
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Answer» The causes of difference that occur due to time lag are, • When issued cheques are not presented for payment in the period for which Bank Reconciliation Statement is being prepared, i.e., date of issue and the date of presenting the cheques are not same. • When deposited cheques are not cleared in the period for which the Bank Reconciliation Statement is being prepared. |
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