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what is Bank Reconciliation Statement (BRS) give detailed
explanation with causes?
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Answer Posted / lavsingh
What Does Bank Reconciliation Statement Mean?
A form that allows individuals to compare their personal
bank account records to the bank's records of the
individual's account balance in order to uncover any
possible discrepancies. Investopedia explains Bank
Reconciliation Statement
Since there are timing differences between when data is
entered in the banks systems and when data is entered in
the individual's system, there is sometimes a normal
discrepancy between account balances. The goal of
reconciliation is to determine if the discrepancy is due to
error rather than timing.
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pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
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