Revision Notes for CBSE Class 11 Accountancy Chapter 5 - Free PDF Download





















FAQs on Bank Reconciliation Statement Class 11 Notes CBSE Accountancy Chapter 5 (Free PDF Download)
1. What is the Amended Cash Book Method?
If you go through Bank Reconciliation Statement notes class 11 thoroughly you will find the term Amended Cash Book Method. It is simply the procedure of matching done in the Cash Book by tallying the Bank Column of Cash Book with the Bank Statement.
2. Why is a Bank Reconciliation Statement prepared?
A BRS is prepared periodically to check and confirm the proper recording of the bank related transactions in the bank column of the cash book and also by the bank itself in their books of accounts. The statement helps to find errors in transaction recordings to determine the exact amount of bank balance as on a particular date.
3. What is bank reconciliation Class 11?
According to Bank Reconciliation Statement notes, a Bank Reconciliation Statement is a list outlining the items of difference between the bank statement and the banking column of the Cash Book. It is a schedule that displays the things that differ from the bank statement and the bank column of the Cash Book. The bank reconciliation ensures that all payments that have been processed through the bank statements have been inspected and confirmed, reducing the possibility of data errors in account creation.
4. Who prepares bank reconciliation Class 11?
For the matter that transactions may still be occurring on the actual statement date, the accountant generally produces the bank reconciliation statement utilising all transactions from the previous day. All cash transactions to an account must be included in a reconciliation statement. The deposits are recorded on the credit side of the bank books, while withdrawals are recorded on the debit side. Customers receive their account statements every month or at regular intervals from the bank.
5. When are cheques deposited and bills dishonoured?
If a cheque deposited by the firm is returned unpaid, or a bill of exchange prepared by the business firm and discounted with the bank is returned unpaid on the due date, the bank debits the customer's account. The company will not have quick access to this information, and it will not be recorded in the cashbook. The bank passbook and the firm's cash book will become unbalanced as a result of this.
6. Why is a bank reconciliation statement prepared?
A bank reconciliation statement is prepared for the following causes:
Correcting any mistakes in the cash book in order to create correct statements.
Determine whether the balance shown by the company's cash book is accurate.
To find any faults committed by the bank and take corrective action.
Aids in the verification of the correctness of the information recorded in both books.
Improves accountability and prevents fraudulent acts such as embezzlement.