CBSE Class 11-commerce Answered
What
is the need and purpose of preparing a bank reconciliation statement?
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
Expert Answer
The need and importance of the bank reconciliation statement are
- It ensures the accuracy of the balances and the records shown by the pass book and cash book.
- It detects the errors which might have taken place in the cash book related to bank transactions and helps in rectifying the error.
- Regular preparation of bank reconciliation statement helps in prevention of frauds.
- It detects any undue delay which has been caused in recording of transactions/collection of cheques and action to be taken to thereof.
- It provides a check on the accuracy of entries made in both the books.
- It helps in updating the cash book as per the passbook.
Answered by | 15 Jul, 2016, 06:31: PM
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:34: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERTCBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 15 Jul, 2016, 04:31: PM
ANSWERED BY EXPERT
