Are you looking for solutions to NCERT questions on Bank Reconciliation Statement? You can check out the NCERT solutions class 11 Accountancy chapter 5, provided by Extramarks. The solutions are written in a simple and easy to understand language and include thorough explanations along with examples and illustrations wherever applicable. Students can make use of these resources to better prepare for their exams, assignments, and for last-minute preparations and revisions.
Class 11 Accountancy NCERT Solutions Chapter 5 Bank Reconciliation Statement
Access NCERT Solutions for Class 11 Accountancy Chapter 5 – Bank Reconciliation Statement
NCERT Accountancy Class 11 Solutions
Accountancy is a new subject for class 11 students. This makes textbook solutions an valuable resource for students to include in their study plans and preparations. With Extramarks, students get accurate and detailed answers prepared by subject matter experts with years of experience in their respective fields. Using these resources will help students not just in their preparations for final exams but also to get help with any assignments that they get.
Quick Recap
Let’s have a quick recap of NCERT Class 11 Accountancy Chapter 5 which covers the Bank Reconciliation Statement.
Bank Reconciliation Statement is a statement that reconciles or tallies the ending balances in a business’s cash books with those in its bank statements. Ideally, the two should always match. However, this is not found to be the case in reality. The Chapter discusses the reasons for these differences and gives two categories of reasons including
- Timing differences in recording of the transactions
- Errors made by the business or the bank
The Chapter further delves deeper into how a bank reconciliation statement is prepared and gives ample examples for the same. Students can definitely expect a question in their final exams asking them to prepare a BRS.
Why BRS?
A Bank reconciliation statement is a very important statement to prepare for businesses in order to understand the reasons for differences, if any, between the ending balances on the business’s bank passbooks and those in their cash books. It also gives light to any bank errors or business errors that might have taken place while recording transactions.
Making a BRS
When you know the proper method, making a BRS is quite easy. All you need is to compare the ending balances of the bank passbook and cash book and identify any imbalances and the possible reasons for their occurrences . We have prepared BRS in the following format:
| Particulars |
Amount |
Amount |
| Balance as per Cash Book
Add:
Cheque issued but not presented for payment
Less:
Cheque deposited but not collected
Bank charges depicted by bank
Balance as per Passbook |
XXX
XXX
XXX |
XXX
XXX
XXX
XXX |
Conclusion
Bank Reconciliation Statement is a very important part of Class 11 Accountancy curriculum and students should pay special attention on how to prepare a BRS, what is the need for it in the first place, and what can be the possibilities of difference of balances between the bank passbook and cash book of a business.
In this regard, students can refer to NCERT Solutions for Class 11 Accountancy Chapter 5 prepared by Extramarks if they face any challenges in any of the questions given at the end of this chapter.