Question
What is the need for preparing Bank Reconciliation Statement? Explain any five reasons of Disagreement between balances shown by the cash book and the pass book
Answer :
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A Bank Reconciliation Statement (BRS) is prepared to ensure that the balances of the cash book and the pass book are in agreement. It helps identify discrepancies between the two records and provides a clear picture of the company’s actual bank balance. The need for preparing a BRS arises to ensure accuracy in financial reporting, compliance with accounting standards, and internal control over cash transactions. There are several reasons for disagreement
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