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how the bank reconciliation should be done in practical
environment , and also using tally 7.2 , please explain it
with exaples if possible
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Bank Reconciliation is a statement for showing the
differences between Cash Book and Pass book balance. In
practical environment process begins with obtain Bank
Statement from bank for current account of a particular
business for a particular period. During the period cash
book (i.e. all transactions of Bank) balance gives a
different balance then we have to prepare a statement for
that differences’.
First we have taken cash book balance :
Observe all Debit transactions should come Credit side of
Bank Pass book at the same time all Credit transactions
should effect in Debit side of Pass book. If any
transactions not effected, list of them.
ADD: (+) Transactions not effected of the following
transactions :-
Cash book debited but not credited in pass book, Pass book
credited but not debited in cash book.
LESS: (-) Transactions not effected –
Pass book debited but not credited in Cash book, Cash book
credited but not debited in Pass book.
Nett Balance should tally with Pass book balance.
| Is This Answer Correct ? | 17 Yes | 5 No |
Answer / ram chandra dubey
Answer
# 1
Bank Reconciliation is a statement for showing the
differences between Cash Book and Pass book balance. In
practical environment process begins with obtain Bank
Statement from bank for current account of a particular
business for a particular period. During the period cash
book (i.e. all transactions of Bank) balance gives a
different balance then we have to prepare a statement for
that differences’.
First we have taken cash book balance :
Observe all Debit transactions should come Credit side of
Bank Pass book at the same time all Credit transactions
should effect in Debit side of Pass book. If any
transactions not effected, list of them.
ADD: (+) Transactions not effected of the following
transactions :-
Cash book debited but not credited in pass book, Pass book
credited but not debited in cash book.
LESS: (-) Transactions not effected –
Pass book debited but not credited in Cash book, Cash book
credited but not debited in Pass book.
Nett Balance should tally with Pass book balance.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / asif
while doing reconciliation of bank statement in tally 7.2,
how to find various cheque nos. by any seach option? I want
to find specific cheque no. from reconiliation window,
which is appeared by pressing F5. Reply may be sent
urgently.
Thanking U
| Is This Answer Correct ? | 6 Yes | 3 No |
DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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