IGNOU PCO 1 2018 - Explain how Bank Reconciliation Statement is Prepared with an adjusted

Question

Explain how Bank Reconciliation Statement is Prepared with an adjusted balance of cash book?

15 Feb 2018

Answer :

Word Count : 489

two ways for preparing the bank reconciliation statement, i.e., (i) Without Adjusting Cash book Balance. (ii) After Adjusted Cash Book Balance.

Now we shall move to study the steps taken in preparation of bank reconciliation statement in each of the above cases.

(I) Preparation of Bank Reconciliation Statement without Adjusting Cash Book Balance:

Under this approach, the following steps are to be taken:

Step 1:

All items appearing in the bank pass book should be checked and ticked with the items appearing in cash book.

Step 2:

The un-ticked items

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	Dr. Rs.	Cr. Rs.
Purchases and Sales	375,000	4,20,000
Returns Inwards	15,000
Returns Outwards		10,000
Carriage	12,400
Wages and Salaries	52,600
Trade Expenses	2,200
Rent		12,000
Insurance	1700
Audit Fees	1,500
Debtors and Creditors	10,000	50100
B/R and B/P	3,300	2,200
Printing and Advertising	5,500
Commission		13000
Opening Stock	36,000
Cash in hand	18800
Cash in Bank	26,800
Bank Loan		20,000
Interest on Loan	1,500
Capital		2,50,000
Drawings	15,000
Fixed Assets	2,00,000
	777,300	7,77,300

May 1	Purchased goods for cash	10,000
2	Purchase goods on credit from Ram Lal	6,55,000
5	Sold goods to Mahesh	50,000
8	Cash sales to Jayant	10,000
9	Returned goods to Ram Lal	15,000
11	Mahesh Returned goods	5,000
12	Purchased stationary	2,000
17	Rent Paid	5,000
21	Commission Received	10,000
23	Cash Received from Anil	2,000