NCERT Class 11 Financial Accounting-I Chapter 5 – English Medium | Class 11 Financial Accounting-I “Bank Reconciliation Statement” Solution in English |

Might Learn 7

Chapter : 5

Bank Reconciliation Statement

Short Answers

  1. State the need for the preparation of bank reconciliation statement?

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  1. What is a bank overdraft?

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  1. Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.

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  1. State the causes of difference occurred due to time lag.

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  1. Briefly explain the term ‘favourable balance as per cash book’.

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  1. Enumerate the steps to ascertain the correct cash book balance.

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Long Answers

  1. What is a bank reconciliation statement. Why is it prepared?

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  1. Explain the reasons where the balance shown by the bank passbook does not agree with the balance as shown by the bank column of the cash book.

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  1. Explain the process of preparing bank reconciliation statement with amended cash balance.

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