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Bank Reconciliation Statement

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A Bank reconciliation statement is a document that matches the cash balance on a company balance sheet to the corresponding amount on its bank statement. They also help detect fraud and any cash manipulations.

Reasons : 

  • Interest income : Banks pay interest on some bank accounts.

Procedure :

  • Deduct any outstanding checks.
  • This will provide the adjusted bank cash balance.
  • Deduct any bank service fees, penalties, and NSF checks.

Download pdf of NCERT Solutions for Class accountancy Chapter 5 Bank Reconciliation Statement

Exercise 1

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