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NCERT Solutions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement

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Class 11 Accountancy NCERT Solutions Chapter 5 Bank Reconciliation Statement

We, at Vedantu, offer Class 11 Accounts Chapter 5 NCERT Solutions free PDF. The chapter summary and exercise questions are presented to the point, enabling students to grasp the concept quickly and precisely. NCERT Accountancy book Class 11 Solutions PDF is also downloadable from the website for future references by the student. We, at Vedantu, provide the student with the best notes available, curated by subject experts with decades of experience in the teaching field. Follow the NCERT Solutions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement by Vedantu and be prepared for any exam like the toppers. 

NCERT Solutions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement part-1
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FAQ (Frequently Asked Questions)

1. A mismatch of accounts in the passbook and cashbook can be a result of timing differences. Elaborate.

Suppose a cheque is issued by the firm to a customer. Immediately after issuing a cheque, an entry is made on the debit side of the cash book maintained by the firm. If the customer decides to present the cheque at a later point in time, or if due to some technical inconvenience, the cheque is not cleared on the very same day, the bank is not informed about the issuance. Only after clearing the cheque, an entry is made in the passbooks. This could also happen the other way around. A customer may give a cheque to the bank directly, which is recorded in the passbook immediately. The firm does make this entry until an indication is received. 

2. What are the possible errors while preparing entries in a cash book or passbook?  What is an overdraft?

BRS stands for Bank Reconciliation Statement. As the name suggests, it is a statement and not accounts. It is made to make sure that records from two different places are in agreement. In other words, it ensures that the money spent matches what is in the record. 

Errors: The firm as well as the bank could miss out on a transaction, or make a wrong entry or wrong totalling. Thus, this error could also possibly lead to a mismatch in the accounts. An unfavourable balance or an overdraft occurs when the amount of money credited from a bank account is greater than the amount debited from it. Thus, the bank account becomes negative. While preparing a BRS, it is treated as a negative figure.

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