Practice Step 5: Prepare the Reconciliation Statement - 3.3.5 | 3. Bank Reconciliation Statement | ICSE Class 11 Accountancy
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3.3.5 - Step 5: Prepare the Reconciliation Statement

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What does the reconciliation statement aim to achieve?

💡 Hint: Think about the purpose of reconciling financial records.

Question 2

Easy

Name one component that is added to the cash book balance during reconciliation.

💡 Hint: Consider what amounts might not be recorded in the cash book.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the purpose of a Bank Reconciliation Statement?

  • To calculate profit.
  • To reconcile cash book and bank balances.
  • To evaluate business performance.

💡 Hint: Think about why businesses would check their records against the bank.

Question 2

True or False: Outstanding checks should be added to the cash book balance.

  • True
  • False

💡 Hint: Consider what outstanding checks imply.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company notes a cash book balance of ₹7,500 and a bank statement balance of ₹9,200. Adjustments include ₹2,000 in deposits in transit and ₹1,500 in outstanding checks, plus ₹400 in unrecorded bank charges. What is the final adjusted balance?

💡 Hint: Break down the adjustments step by step.

Question 2

If a company consistently finds discrepancies between its cash records and bank statements, list three actions it could implement to avoid future discrepancies.

💡 Hint: Think of preventive measures for accuracy.

Challenge and get performance evaluation