CBSE Class 11 Accountancy Important Questions Chapter 5 - Bank Reconciliation Statement - Free PDF Download
Class 11 Accountancy is an important subject to develop the necessary knowledge foundation and skills among the students. Chapter 5 Bank Reconciliation Statement is a crucial part of this syllabus that students need to prepare better. The complete study material for this chapter needs the important questions compiled by the experts by following the CBSE syllabus and trends. Practising solving these questions will enable students to become better at using the concepts to create precise answers and score more in the exams.
Free PDF download of Important Questions with solutions for CBSE Class 11 Accountancy Chapter 5 - Bank Reconciliation Statement prepared by expert Accountancy teachers from latest edition of CBSE(NCERT) books.
FAQs on Important Questions for CBSE Class 11 Accountancy Chapter 5 - Bank Reconciliation Statement
1. What is a bank reconciliation statement?
Just like the bank organisations maintain a cash book in order to record the bank and cash transactions, similar to this the bank also maintains an account for each customer in its book where all the deposits made by the customer are recorded. The deposits are recorded on the credit side of the account and the withdrawals are recorded on the debit side of the account. A copy of this is sent to the customer address is called the passbook. The bank balance presented by the cash book and the passbook does not always match. Thus, the entries in them are compared and the differences that arise are rectified, and to reconcile the balances in the cash books and the passbook a statement is prepared, which is known as the reconciliation statement.
2. What is the process of preparing the reconciliation statement?
The bank balance pertaining to the cash book is noted.
The errors that are committed in the cash book are recorded and then rectified
The transactions that are present on the credit side of the passbook are recorded on the debit side of the cash book
The transactions that are recorded on the debit side of the passbooks are recorded on the credit side of the cashbook.
It is important to total the cash book to arrive at the balancing figure, which is then used in order to prepare the bank reconciliation statement.
3. State the cause of the difference occurred due to time lag?
Cheques are issued but are not presented for the payment at the bank
The customer or the firm issues the cheque to its suppliers but not all these cheques get presented at the bank. Though the entry in the cashbook is made immediately after the cheque is issued, the bank will not pass the entry until and unless it is presented for payment.
The cheques are paid or deposited but are not collected and credited by the bank
When the firm receives the cheque from its debtors, the entry is passed in the cash book. This increases the balance as per the cash book. But the bank will credit the account of the firm only when they receive the payment from the customer’s bank.
4. How to prepare for Class 11 Accountancy Chapter 5?
It is important that the student studies the chapters thoroughly and marks all the important areas. This will make it easier for them to locate important points before the examination for revision. Apart from this, it is also important that the student cultivate the habit of making their own revision notes. This helps the student to retain all the concepts. They should also refer to the NCERT Solutions by Vedantu and practice all the exercises for free. The Numericals that this chapter offers are also important for the student to have a stronghold on in order to score high marks.
5. Are the NCERT Solutions available for Class 11 Accountancy Chapter 5?
Yes, the NCERT Solutions are available for the Class 11 Accountancy Chapter 5. These solutions can be accessed easily from the website of Vedantu or from the Vedantu app at free of cost. The numerous exercises that these solutions offer will help the student get a good hold of the concepts that this chapter offers. They also have in them various numericals that are important for the student to practice in order to do well in the exam. With the practice of all these exercises, the student will definitely be able to score more than 90.