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What is the bank reconciliation and simple explanation of BRS.
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Answer Posted / rajammal
1. Bank Reconciliation means comparing and matching figures
from the company/firm, Books of Accounts(i.e., Bank A/c)
against those shown on an Bank Statement.
2. BRS - Bank Reconciliation Statement
BRS means the statement which show the difference
between the Bank account (Book of the Account) and the Pass
Book.
Explanation:
For example, we give the cheque the our party for
Rs.5000 on 1-2-2010. But the cheque is not deposited by the
Party on that date. In this Case, in our books we deducted
the cheque amount for the bank account. But the actual
thing is the cheque is not deposited in the bank. So the
bank statement remains the correct thing. This is the
reason to check BRS
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