Practice - Example of Bank Reconciliation Statement
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Practice Questions
Test your understanding with targeted questions
What is the cash book balance in the example?
💡 Hint: Refer to the balance noted in the section.
List one reason why banks charge fees.
💡 Hint: Think of the services the bank provides.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the purpose of a Bank Reconciliation Statement?
💡 Hint: Remember the goals of auditing and financial checks.
True or False: Outstanding checks are funds the bank has already processed.
💡 Hint: Consider what an 'outstanding' state means.
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Challenge Problems
Push your limits with advanced challenges
A company has a cash book balance of ₹12,000 and a bank statement showing ₹15,000. It has deposits in transit of ₹3,000, outstanding checks of ₹2,500, and bank charges of ₹400. Create a detailed Bank Reconciliation Statement.
💡 Hint: Carefully track each step while adjusting the cash book balance.
If a company regularly finds discrepancies in its reconciliations, what strategies could it implement to prevent this?
💡 Hint: Evaluate errors, training, and technological aids.
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