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  1. Bank Reconciliation Statement: A statement prepared to reconcile the bank balance as per cash book with the balance as per passbook or bank statement, by screening the items of difference between the two accounts.
  2. Reasons for difference:
    • Timing of recoding the transaction.
    • Error made by business or by the bank.
  3. Correct cash balance: Sometimes the receipts or payments may not be recorded or missing from either of the books and errors, if any, need to be rectified. This leads to look at the entries/errors recorded in both statements and other information available and compute the correct cash balance before reconciling the statements.

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