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What is bank reconciliation statement?
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Answer Posted / sri
Generally when a business man opens an account with a bank
he records the transactions with the bank in a book
maintained called 'Cash Book'. Similarly the bank too
maintains a book called 'Pass book' where all the entries
with that particular account are recorded from time to time.
In practice the balance shown in the cash book and pass book
are not always the same. For this companies generally
prepare a statement called 'BANK RECONCILIATION STATEMENT'
where the differences in pass book and cash book are
reconciled. This is generally done at the end of every month
. The companies should maintain accurate records of its
transactions.
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