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Bank Reconciliation Statement Test 22

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Bank Reconciliation Statement Test 22
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  • Question 1
    1 / -0
    Overdraft as per cash book means ___________.
    Solution
    Overdraft means that we have taken loan from the bank. It is shown by negative or credit balance. The cash book is debited when cash comes in and credited when cash goes out. So, overdraft means credit balance in the bank column of the cash book.
  • Question 2
    1 / -0
    A Bank Reconciliation Statement is prepared to know the causes for the difference between ___________________.
    Solution
    Bank reconciliation statement is prepared to know the causes of difference between the balance as per bank column of the cash book and the passbook. This is because, both of these accounts show same transactions but with different point of views. The cash book is prepared with the point of view of the customer and the passbook is prepared with the point of view of the bank.
  • Question 3
    1 / -0
    Which of the following are the salient features of bank reconciliation statement?
    Solution
    Bank reconciliation statement is prepared to reconcile the balances as per cash book (bank balance) and pass book (bank statement) by identifying the causes of differences between the two. So, in other words, any undue delay in the clearance of the cheque will be shown. If any fraud is happening, it will show up when the balances would not match. And, it will also help us arrive at the actual position of the bank balance.
    So (a), (b) and (c).
  • Question 4
    1 / -0
    The credit balance of Rs 1,000 in the bank column of the cash book was carried forward as its debit balance. When overdraft as per pass book is the starting point, _____________.
  • Question 5
    1 / -0
    When overdraft as per pass book is the starting point, bank charges of Rs 100 recorded twice in cash book will be ___________.
    Solution
    Bank charges is an expense for the business and it is credited in the cash book when it is paid. Bank charges charged twice have reduced the balance in the cash book by double amount. So, when overdraft as per pass book is the starting point, Rs. 100 will be added back to negate the effect of second reduction while reconciling the differences between the two balances.
  • Question 6
    1 / -0
    Bank column of cash book showed bank balance of $$Rs. 9950$$. While reconciling the bank balance it was noticed that a cheque issued and paid by the bank $$Rs. 5100$$ was wrongly shown on the debit side of bank column as $$Rs. 510$$, bank charges amounting to $$Rs. 210$$, LIC payment of $$Rs. 1200$$ made by the bank as per standing instruction were not accounted in the cash book. Find the adjusted balance of cash as per cash book.
    Solution
    The adjusted balance as per cash book is as follows :

      Particulars Amt in Rs.
     Bank balance as per cash book  $$9950$$
     AddWrong  cheque amount debited     $$510$$
     LessCorrect cheque amount issued   $$5100$$ 
     LessBank charges    $$210$$
     Less LIC payment made by bank on standing instruction   $$1200$$ 
       
      Adjusted balance as per cash book  $$2930$$
  • Question 7
    1 / -0
    Debit balance as per Cash Book is Rs 2,000, cheques deposited but not cleared amounts to Rs 100 and Cheques issued but not presented of Rs 150. The bank allowed interest amounting to Rs 50 and collected dividend Rs 50. Balance as per pass book should be ____________.
    Solution
     Particulars + -
     Debit balance as per cash book2000  
     Cheque deposited but not cleared  100
     Cheques issued but not presented 150 
     Interest allowed by bank 50 
     Dividend collected by the bank  50 
     Balance as per Pass Book 2150 
  • Question 8
    1 / -0
    When balance as per cash book is the starting point,cheque deposited but not cleared are____for the purpose of reconciliation of balance with bank passbook
    Solution
    When balance as per cash book is the starting point,cheque deposited but not cleared are deducted from cash as per cash book  for the purpose of reconciliation of balance with bank passbook as that amount is not even added in bank passbook.
  • Question 9
    1 / -0
    When the overdraft as per cash book is the starting point, a cheque for Rs 500 deposited into bank but not recorded in cash book will be _________.
    Solution
    Cheque deposited but not recorded in cash book will increase the balance in the passbook. So, while preparing bank reconciliation statement and taking overdraft balance as per cash book as the starting point, a cheque for Rs. 500 deposited into bank but not recorded in the cash book will be deducted from the overdraft cash book balance to arrive at the increased passbook balance in order to reconcile the two balances.
  • Question 10
    1 / -0
    Bank balance as per cash book (Dr.) Rs.$$10,000$$. A comparison of pass book and cash book revealed the following -
     -Rs.$$590$$ was wrongly debited by bank
     -Transfer by bank to another account with no advice Rs.$$2,500$$.
    Balance as per pass book will be __________.
    Solution
    The reconciliation statement is as follows :
      ParticularsAmount in Rs. 
      Bank balance as per cash book (Dr.)$$10000$$ 
     Less Bank charges wrongly debited $$590$$ 
     LessBank transfer to another account without any advice  $$2500$$
      Balance as per pass book (Cr.)$$6910$$ 
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