What is the Bank Reconciliation? And How i can do its entry
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Answer Posted / geethamruth
A Bank reconciliation means cross verifying the entries in the cash book(bank balance)with that of pass book.
generally the reasons for disagreement of cash book with that of pass book are as follows:
1.cheques deposited but not collected by bank.
2.cheques issued but not presented for payment.
3.amounts recorded only in pass book till date (this doesn't mean that they should not be recorded in cash book,they should also be recorded but they are not yet recorded)such as bank charges,incomes received by banks directly by power of standing order etc..
THERE IS NO ENTRY FOR BANK RECONCILIATION.IT IS ONLY A TOOL FOR VERIFYING WHETHER ALL ITEMS ARE PROPERLY RECORDED ARE NOT.AND TO FIND OUT THE WRONG POSTINGS EITHER IN THE CASH BOOK OR THE PASS BOOK.
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