Answer Posted / abdullah amer
Bank Reconciliation Statements(BRS) is the statement
prepared at periodical intervals to reconcile the balance
of cash book with that of pass book and to find out the
exact balance with the bank.
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I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
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