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Features of Bank Reconciliation Statement

  • As the name signifies, a bank reconciliation statement is only a statement. It is not a ledger account as prepared on the principles of double entry system
  • It is not a part of books of accounts
  • It is prepared periodically say, weekly, monthly or quarterly, depending upon the volume of banking transactions involved
  • It is prepared only when there is a disagreement between the bank balance as per the cash book and balance as per pass book

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