Bank Reconciliation. Cash Book Bank Statement Reconcile.

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Presentation transcript:

Bank Reconciliation

Cash Book Bank Statement Reconcile

Example The bank columns of Fatima’s cash book for the month of April 2008 are given below. Cash Book (Banks columns only) DateDetailsFo$DateDetailsFo$ 2008 April May 1 Balance J Dhatwani ABC Stores Sales Balance b/d April Purchases B Malukani TeeDee Co. Dobhal Ltd Balancec/d

Fatima’s bank statement for the month of April 2008 is given below. REGIONAL BANK LTD West District Account: Fatima GoyalAccount No: Date: 30 April 2008 DateDetailsDebitCreditBalance 2008 April Balance Cheque No Credit No Credit Transfer (Dividend) Cheque No Bank Charges $ $ $ Cr Cr Cr Cr Cr Cr 

1) Place a tick (  ) against the items appearing in both the records. The bank columns of Fatima’s cash book for the month of April 2008 are given below. Cash Book (Banks columns only) DateDetailsFo$DateDetailsFo$ 2008 April May 1 Balance J Dhatwani ABC Stores Sales Balance b/d April Purchases B Malukani TeeDee Co. Dobhal Ltd Balancec/d   

1) Place a tick (  ) against the items appearing in both the records. Fatima’s bank statement for the month of April 2008 is given below. REGIONAL BANK LTD West District Account: Fatima GoyalAccount No: Date: 30 April 2008 DateDetailsDebitCreditBalance 2008 April Balance Cheque No Credit No Credit Transfer (Dividend) Cheque No Bank Charges $ $ $ Cr Cr Cr Cr Cr Cr   

2) Make corrections to items which do not have ticks a)Cash Book Update Cash Book (Banks columns only) DateDetailsFo$DateDetailsFo$ 2008 May May 1 Balance Dividend Balance b/d May 1Correction of error Bank Charges Balancec/d

2) Make corrections to items which do not have ticks (b)Bank Statement Update (Bank Reconciliation Statement) Fatima Bank Reconciliation Statement at 30 April 2008 $ Balance shown on bank statement Add: Amounts not yet credited:- ABC Stores Sales Less:Cheques not yet presented:- TeeDee Co Dobhal Ltd. 517(1 889) Balance shown in cash book 2 880

Why the Bank Account and the Bank Statement may differ? Reasons Timing Differences Cheques not yet presented Amounts not yet credited Items not yet recorded in CB Bank Charges & Bank Interest Dishonoured Cheque Amounts paid directly into Bank Amounts paid directly by the bank to others Errors Made by the business Made by the bank

Advantages of Bank Reconciliation An accurate bank balance is available. Errors in the bank account or in the bank statement can be identified. Assists in discovering fraud and embezzlement Amounts not credited by the bank can be identified Cheques not yet presented can be identified Any “stale” cheques can be identified and written back into the bank account.