WHAT DOES MEAN BY
RECONCILLATION
EXCESS/SHORTAGE
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Answer / h.r. sreepada bhagi
Reconciliation in accounting refers to matching the
accounting figures from 2 statements. For example Bank
reconciliation statement is prepared to tally the difference
between the statement of account from the bank and the bank
account maintained in the books of accounts of a company/firm.
Like wise the ledger account of a customer or a creditor can
be verified with the statement of account received from the
concerned customer or creditor (Supplier/vendor).
Purpose of any reconciliation is to list out the
transactions missing in either of the two statements, find
out the reasons and take necessary action to rectify the
same. It's a good practice to reconcile the accounts
periodically to ensure correct accounting.
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Answer / pravin kamble
No, I believe, reconciliation means a statement which shows
difference / agreemnet between two parties.
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Answer / vishal
reco means particulear two side transaction cross check and find out excess and short amount like bank reco .supplier gl and our purch. gl
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Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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