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Bank Reconciliation Statement

Description: This test is based on Bank Reconciliation statement. It is requested to carry pen and paper for rough work as some of the question are practical based. Try to complete the test on time and rate it accordingly.
Number of Questions: 6
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Tags: Bank Reconciliation Statement Accountancy
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The reason for preparation of Bank Reconciliation Statement is to know the difference between which of the following?

  1. The balance as per cash column of cash book and bank column of pass book.

  2. The balance as per the bank column of both the pass book and the cash book.

  3. The balance as per the bank column of pass book and cash column of pass book.

  4. The balance as per the last entry of passbook and balance as per cash column of cash book.

  5. None of these

Show answer
Correct Option: B
Explanation:

Bank Reconciliation statement is statement, which reconciles balance of cash book with that of pass book bank statement, and it shows reasons for the difference between the two.

What reconciliation will be done with uncollected cheques when the balance as per pass book is the starting point?

  1. Subtracted in bank reconciliation statement

  2. Added in bank reconciliation statement

  3. Need not be rectified

  4. Overdrawing of amount

  5. None of these

Show answer
Correct Option: B
Explanation:

Cash book has data recorded for uncollected cheque, but these cheques do not have their entry in pass book. Therefore, this amount needs to be added.

The cash book showed an overdraft of Rs. 2000, but the pass book made up to the same date showed that cheque of Rs. 100, Rs. 75, Rs. 125 respectively had not been presented for payment and the cheque of Rs. 500 paid into the account had not been cleared. What will be the balance as per pass book?

  1. Rs. 1200

  2. Rs. 1800

  3. Rs. 2200

  4. Rs. 800

  5. Rs. 2000

Show answer
Correct Option: C
Explanation:

Credit balance as overdraft per cash book = Rs 2000, (+) cheque deposited but not cleared = Rs 500 (-) cheque deposited but not presented for payment (100 + 75 + 125) = Rs 300 Balance as per pass book = Rs 2200.

If Rs. 10000 deposited in bank account was mistakenly entered twice in the cash book, what will be the correct adjustment in the cash book?

  1. Rs. 10000 will be credited to the cash book.

  2. Rs. 10000 will be debited from the cash book.

  3. Rs. 20000 will be credited to the cash book.

  4. Rs. 20000 will be debited from the cash book.

  5. No adjustment is required.

Show answer
Correct Option: A
Explanation:

Rs 10000 will be credited in cash book as the entry has been made twice. So to balance the amount, credit entry of the same amount needs to be made.

Debit balance as per cash book of Sohan Brothers Enterprises as on 31.12.1999 is Rs. 1400 cheque deposited but not cleared amounts to Rs. 100, and cheque issued but not presented of Rs. 150. The bank allowed interest amounting to Rs. 50 and collected dividend of Rs. 50 on behalf of Sohan and Brothers enterprise. What should be the balance as per pass book?

  1. Rs. 1500

  2. Rs. 1600

  3. Rs. 1650

  4. Rs. 1550

  5. Rs. 1400

Show answer
Correct Option: D
Explanation:

Bank Reconciliation Statement Debit balance as per cheque book Rs 1400 (-) cheque deposited but not cleared Rs 100(+) cheque issued but not presented Rs 150 (+) bank allowed interest Rs 50 (+) dividend collected on behalf of Sohan Brothers Enterprise Rs 50. Balance as per pass book Rs 1550.

What will be the reconciliation for interest charged by bank when balance as per cash book is the starting point?

  1. Added in bank reconciliation statement

  2. Subtraction in bank reconciliation statement

  3. Not required to be adjusted

  4. Interest will be paid separately, no entry is required.

  5. None of these

Show answer
Correct Option: B
Explanation:

Pass book balance decreases by interest charged by bank, which is yet to be recorded in cash book. Hence, this entry needs to be subtracted in bank reconciliation statement.

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