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Bank Reconciliation Statement Test - 18

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Bank Reconciliation Statement Test - 18
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  • Question 1
    1 / -0
    The balance of cash book shows ____________.
    Solution
    Cash book is  maintained to record the cash receipts and cash payments. So if we start with some cash balance in hand then add cash receipts and deduct cash expenses the balance figure what we get is  the cash we have in the end. 
  • Question 2
    1 / -0
    A debit balance in the depositors Cash Book will be shown as _________.
    Solution
    Balance as per cash book is opposite of passbook. Therefore, A debit balance in the depositors Cash Book will be shown as a credit balance on the Bank Statement.
  • Question 3
    1 / -0
    A Bank Reconciliation Statement is prepared with the help of ______________.
    Solution
    To reconcile means to find out the differences if any between two or more things and eliminate it. Now, in case of any banking transactions for each deposit or withdrawal the entry is recorded at two places.
    • The pass book / bank statement maintained by the bank and
    • The bank column of the cash book maintained by the account holder.
    These two books are opposites of each other which means if one shows credit balance then the other would reflect a debit balance of the exact same amount. But due to reasons like timing differences the balances of both these books do not match. 
    So, to reconcile the same a bank reconciliation statement is prepared. The aim while preparing a bank reconciliation statement is to take either pass book or cash book  balance as the starting point, to add or deduct certain entries and reach the balance of the other book ie, if cash book balance is the starting point then after reconciling we should reach at pass book balance.
  • Question 4
    1 / -0
    When a cheque received on a particular date is not deposited the same day into bank, it is entered in ________________.
    Solution
    When a cheque received is not deposited on the same day, it is taken in the cash account and when it is deposited in bank, then a contra entry is passed. 
    For example cheque received from Ram on 15th March is deposited on 18th March, following entries will be passed: 15/3 Cash A/c Dr.
  • Question 5
    1 / -0
    A debit balance in the depositor's cash book will be shown as ___________.
    Solution
    A bank statement is an extract from bank ledger and hence it is to be read from bank's view point which shows a credit balance in the pass book.
    It is the position of customer in bank records. So if a debit balance is shown in depositor's cash book an opposite position will be shown in the bank books i.e credit balance.
  • Question 6
    1 / -0
    When businessman pays money to bank it is known as _________________.
    Solution
    The bank is a keeper of our money and safeguards it also paying an interest.
    If any money is paid to the bank which is not in a form of interest or penalty or any fees, it is a deposit which is payable by bank on demand.
  • Question 7
    1 / -0
    A pass book is a copy of _________________ .
    Solution
    A passbook is a copy of customer's account in the bank's books. it is prepared by the bank and shows all the transactions of a customer like deposits, withdrawals, interest payment / receipt etc. with the bank from the point of view of the bank.
  • Question 8
    1 / -0
    A bank reconciliation statement is prepared with the balance of __________ .
    Solution
    To reconcile means to find out the differences if any between two or more things and eliminate it. Now, in case of any banking transactions for each deposit or withdrawal the entry is recorded at two places.
    • The pass book maintained by the bank and
    • The cash book maintained by the account holder.
    These two books are opposites of each other which means if one shows credit balance then the other would reflect a debit balance of the exact same amount. But due to reasons like timing differences the balances of both these books do not match. 
    So, to reconcile the same a bank reconciliation statement is prepared. The aim while preparing a bank reconciliation statement is to take either pass book or cash book  balance as the starting point, to add or deduct certain entries and reach the balance of the other book ie, if cash book balance is the starting point then after reconciling we should reach at pass book balance.
  • Question 9
    1 / -0
    When the balance as per Pass Book is the starting point, direct payments by bank are __________.
    Solution
    When direct payments by bank are done , it leads to decrease in the pass book balance but these entries would not be entered in the bank column of the cash book and  the later would show a higher balance.
    So, when the balance as per pass book is the starting point, direct payments by bank are to be added in the bank reconciliation statement to reach the bank balance as per cash book.
  • Question 10
    1 / -0
    A Bank Reconciliation Statement is prepared with the help of ____________ .
    Solution
    To reconcile means to find out the differences if any between two or more things and eliminate it. Now, in case of any banking transactions for each deposit or withdrawal the entry is recorded at two places.
    • The bank statement maintained by the bank and
    • The bank column of the cash book maintained by the account holder.
    These two  are opposites of each other which means if one shows credit balance then the other would reflect a debit balance of the exact same amount. But due to reasons like timing differences the balances of both these  do not match. 
    So, to reconcile the same a bank reconciliation statement is prepared. The aim while preparing a bank reconciliation statement is to take either bank statement balance or balance of the bank column of cash book  as the starting point, to add or deduct certain entries and reach the balance of the other book ie, if bank column of the cash book balance is the starting point then after reconciling we should reach at bank statement balance.
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