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Bank Reconciliation Statement Test 21

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Bank Reconciliation Statement Test 21
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  • Question 1
    1 / -0
    The payment side of the cash book is undercast by Rs.200. When overdraft as per pass book is the starting point, to get the overdraft as per cash book ___________.
    Solution
    If the starting point is pass book with a debit balance i.e. overdraft, item which makes cash book balance larger than the pass book balance need to be deducted.
  • Question 2
    1 / -0
    If we take balance as per pass book, ___________ will be deducted to get balance as per cash book.
    Solution
    • If balance as per pass book is the starting point then, to reach balance as per cash book interest given by bank would have to be deducted, as this entry has been recorded in the pass book but not in the cash book and the later would show a lower balance.
    • In case of interest charged by bank and cheque deposited but not cleared  the amount would have to be added to the passbook, whereas in case of payments made by bank under standing instructions the entry would be recorded in both the pass book and cash book as it is pre determined and so no adjustment would be required in this case.
  • Question 3
    1 / -0
    Mr. X issued cheques worth $$Rs. 15,000$$ in March $$2014$$ out of which cheques worth $$Rs. 10,000$$ only were presented for payment by $$31st\ March, 2014$$. While reconiling bank and cash book balance as on $$31st\ March, 2014$$, how much would be added to balance as per cash book to arrive at balance as per Pass book.
    Solution
    Cheques issued by Mr. X is for $$Rs. 15000$$, so the cash book would be credited by this amount and for the same amount the passbook would be debited only if the cheques are presented for payment. But in the present case cheques worth $$Rs. 5000$$ were not presented for payment by $$31 st March , 2014$$  due to which the passbook balance would higher than the cash book by $$Rs. 5000$$. 
    So $$Rs. 5000$$ would have to added to the cash book to arrive at balance as per pass book.
  • Question 4
    1 / -0
    Mr. X had two accounts, one current account and another saving bank A/c in a nationalized bank. He drew a cheque of $$Rs. 5,000$$ on saving bank but credited to Current A/c in his cash book. Similarly a cheque of $$Rs. 2,000$$ deposited in current A/c was debited to Saving Bank A/c. What would be effect of these errors in Bank pass books/ Bank statement of these two A/cs?
    Solution
    • A cheque of $$Rs. 5000$$ was wrongly credited to current a/c. in the cash instead of savings a/c. so the pass book balance of savings account would be less by $$Rs. 5000$$ and the current account pass book balance would be more by $$Rs. 5000$$.
    • Now, in case of second cheque of $$Rs. 2000$$ it, was deposited in current a/c. but was debited to savings a/c. so, the pass book balance of savings a/c. would be more by $$Rs. 2000$$ and the current a/c. balnce in the pass book would be less by $$Rs. 2000$$
    • So , net effect of both these errors would be that the current a/c balance would be more by $$Rs. 3000$$ and the savings a/c. balance would be less by $$Rs. 3000$$
  • Question 5
    1 / -0
    A cheque of $$Rs. 5000$$ in favour of Mr. X was wrongly credited by the bank in Mrs. X a/c as $$Rs. 550$$. While reconciling the bank balance of Mrs. X, bank balance as per cash book will be _________.
    Solution
    When a cheque in favour of the account holder is credited in his bank account, it would increase his bank balance. Here a cheque of Mr. X of $$Rs. 5000$$ was wrongly credited by bank in Mrs. X a/c as $$Rs. 550$$. So now the bank  balance as per cash book of Mr. X would be more by $$Rs. 5000$$ and the bank  balance as per cash book of Mrs. X would be short by $$Rs. 550$$.
  • Question 6
    1 / -0
    A cheque of $$Rs. 5000$$ in favour of Mr. X was wrongly credited by the bank in Mrs. X a/c as $$Rs. 550$$. While reconciling the bank balance of Mrs. X, bank balance as per bank pass book will be _________.
    Solution
    When a cheque in favour of the account holder is credited in his bank account, it would increase his bank balance. Here a cheque of Mr. X of $$Rs. 5000$$ was wrongly credited by bank in Mrs. X a/c as $$Rs. 550$$. So now the pass book  balance of Mr. X would be short by $$Rs. 5000$$ and the pass book balance of Mrs. X would be more by $$Rs. 550$$.
  • Question 7
    1 / -0
    Mr. T issued cheques worth $$Rs. 25,000$$ in March $$2014$$ out of which cheques worth $$Rs. 10,000$$ only were presented for payment by $$31st\ March, 2014$$. Balance as per pass book was $$Rs. 45,000$$. What would be balance as per Cash book?
    Solution
                                     Particulars                                                     Rs.
    Balance as per pass book (Cr.)                                                  $$45000$$
    Less: Cheques issued but not yet presented for payment     $$(15000)$$
                                                                                                      ____________
    Balance as per cash book (Dr.)                                                  $$30000$$
                                                                                                      
  • Question 8
    1 / -0
    The bank pass book shows $$Rs. 3,600$$ but the cash book shows a different balance. While analyzing the cause of difference it was notices that total debit side of cash book was carried forward to next page as $$Rs. 1,100$$ instead of $$Rs. 1,000$$. Similarly bills collected by the bank amounting to $$Rs. 1,500$$ were not recorded in the cash book. What would be the balance as per Cash book?
    Solution
    The balance as per cash book is as follows :
     
                              ParticularsAmount in Rs. 
      Balance as per passbook                                                             $$3600$$ 
     AddExcess carried forward in cash book          $$100$$ 
     LessBills collected by bank not recorded in cash book       $$1500$$
      Balance as per cashbook       $$2200$$ 

  • Question 9
    1 / -0
    Mr. $$Y$$ presented three cheques of $$Rs. 3,000, Rs. 4,500$$ and $$Rs. 3,600$$ with the bank on $$28th\ March, 2014$$. Out of these cheques amounting to $$Rs. 4,500$$ and $$Rs. 3,000$$ were shown in the pass book in the month of April $$2014$$. While reconciling the balance on $$31-03-2014$$ which of these cheques would be taken in reconciliation.
    Solution
    In the present case cheque amounting to $$Rs. 3000$$ has been cleared in the month of March 2014 and whereas the remaining two cheques of $$Rs.4500$$ and $$Rs.3600$$ were showed in the pass book in the month of April 2014 which means they were cleared in April. But Mr. Y would have made the entries pertaining to all the three cheques in the month of March itself. And so while reconciling the balance as on $$31-03-2014$$ the two cheques of $$Rs. 4500$$ and $$Rs. 3000$$ would be considered for adjustments.
  • Question 10
    1 / -0
    Mr. A issued cheques worth Rs. 10,000 in March 2014 out of which cheque worth Rs. 7,000 only were presented for payment by 31st March, 2014. While reconciling bank and cash book balance as on 31st March, 2014, how much would be added to balance as per cash book to arrive at balance as per Pass book 
    Solution
    A issued total cheque of Rs. 10,000 in March 2014 but CHeques amounting to Rs. 7000 only presented by the 31 March 2014. As cheque for 3000 was not presented, therefore, only 3000 will be added to the cash book at the time of bank reconciliation.
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