Practice - Steps to Prepare a Bank Reconciliation Statement
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Practice Questions
Test your understanding with targeted questions
What is the first step in preparing a Bank Reconciliation Statement?
💡 Hint: Think about how to find differences first.
What do you add to the cash book balance in the reconciliation process?
💡 Hint: What transactions have been recorded by the company but not yet by the bank?
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the first step in preparing a Bank Reconciliation Statement?
💡 Hint: Think about identifying discrepancies.
True or False: Outstanding checks should be added to the cash book balance.
💡 Hint: Remember the timing of these transactions.
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Challenge Problems
Push your limits with advanced challenges
A company has a cash book balance of ₹15,000, bank statement balance of ₹18,500, deposits in transit of ₹4,000, outstanding checks of ₹3,000, and bank charges of ₹500. Reconcile the balances.
💡 Hint: Track the math step-by-step to see if the balances become equal.
Consider a bank statement for a company that shows balances affected by unknown charges and missing deposits amounting to ₹800. Analyze the impact of these discrepancies on the final reconciliation.
💡 Hint: Think about the need for clear records and tracking every transaction.
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