3.1 - Introduction to Bank Reconciliation Statement
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Practice Questions
Test your understanding with targeted questions
What is the primary purpose of a Bank Reconciliation Statement?
💡 Hint: Think about what discrepancies mean.
Name one common reason for differences between cash book and bank statement.
💡 Hint: Consider what happens to checks after they're written.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Bank Reconciliation Statement help identify?
💡 Hint: Think about what gaps need to be filled in.
True or False: A deposit in transit is money that has been recorded by the bank.
💡 Hint: Consider when you put money in the bank but don’t see it immediately.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
Your cash book shows ₹12,500, while your bank statement shows ₹14,000. A deposit in transit of ₹2,000 and outstanding checks of ₹1,500 are present. Calculate the correct cash book balance.
💡 Hint: What adjustments do you need to make to reconcile the two balances?
If an error in the cash book was found showing an extra credit of ₹1,000 that doesn't exist, what will you do during reconciliation?
💡 Hint: Consider how to get back to accurate financial state.
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