Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter Bank Reconciliation Statement. This page offers a step-by-step solution to the specific question from Exercise 2, Question 2:
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.
. With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.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.
1. Differences due to time lag: Differences may arise, if the date of recording transactions in the bank column of the Cash Book is not the same to that of the Pass Book.
2. Cheques issued by the firm but not presented in the bank: Usually, issue of a cheque is recorded in the bank column of the Cash Book on the date that is mentioned (mentioned date) on the cheque. Sometimes, the holder of the cheque does not present the cheque on the date which is mentioned on it. This may lead to differences in the balance between the Pass Book and the bank balance of the Cash Book.
3. Deposit of cheque recorded in the Cash Book at the time of deposit but collected later or not collected by the bank: Deposit of a cheque is recorded in the bank column of the Cash Book on the date of clearance. Usually, date of deposit and date of clearance are not the same. This difference in the two respective dates leads to a mismatch between the Pass Book and the bank balance of the Cash Book.
4. Transactions recorded only in the Pass Book: Transactions, like interest allowed by bank on the deposits, bank charges etc., are recorded first in the Pass Book. After getting intimation from the bank, these are recorded in the bank column of the Cash Book. However, sometimes due to delay in intimation of these transactions to the customers, the Cash Book remains not updated, which leads to the difference between the Pass Book and the bank balance of the Cash Book.
Read the following transactions and identify the cause of difference on the basis of time gap or errors made by business firm/bank. Put a sign (✓) for the correct cause.
| S. No. | Transactions | Time Gap | Errors made by business/ bank |
|
1.
3. 4. 5. |
Cheque issued to customer but not presented for payment. Cheque amounting to Rs. 5,000 issued to Interest credited by the bank but yet not recorded by Cheque deposited into the bank but not yet collected Bank charges debited to firm's current account by the |
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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 2 , Question 2: Explain the reasons where the balance shown by the bank passbook does not agree with the balance as ....
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