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Account 3 Marks Question

Bank Reconciliation Statement · CBSE STD 11 Commerce (CBSE - English Medium). 11 questions.

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11 questions · timed · auto-graded

Question 13 Marks
State the causes of difference occurred due to time lag.
Answer
The causes of difference which occur because of time lag are given below:
  1. Cheques issued but not presented for payment at the bank: The firm/ customer issues cheques to its suppliers or creditors. But not all these cheques are presented to the bank. The entry in the cash book is made immediately on issue of the cheque but the bank will not pass an entry until the cheque is presented for payment.
  2. Cheques paid or deposited but not collected and credited by the bank: Entry is passed by the firm in the cash book when it receives cheques from its debtors which increase the balance as per the cash book. But the bank credits the firm’s account only when they have received the payment from the customer’s bank or in other words, once the cheque is collected by the bank.
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Question 23 Marks
What is a Bank Reconciliation Statement? Explain the purpose of preparing such a statement.
Answer
Bank Reconciliation Statement is a statement prepared by the account holder on a particular date to reconcile the bank balance as per Cash Book with the balance as per Bank Statement or Bank Pass Book showing entries because of which differences between the two balances exist.
Bank reconciliation statement is prepared to find out the reasons for difference in Bank balance as per Cash Book and Balance as per Pass Book.
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Question 33 Marks
Prepare bank reconciliation statement as on December 31, 2017. This day the passbook of Mr. Himanshu showed a balance of ₹ 7,000.
  1. Cheques of ₹ 1,000 directly deposited by a customer.
  2. The bank has credited Mr. Himanshu for ₹ 700 as interest.
  3. Cheques for ₹ 3000 were issued during the month of December but of these cheques for ₹ 1,000 were not presented during the month of December.
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Question 43 Marks
On 31st March, 2019. Bank Account in the books of Ramesh shows a credit balance of ₹ 36,000. On the same date, outstanding cheques amounted to ₹ 14,000 and outstanding deposits a mounted to ₹ 20,000. A cheque for ₹ 5,000 received from a debtor, was subsequently dishonoured. The receipt had been correctly recorded but no entry has yet been made in the books for the dishonour. On the basis of the above information, determine the balance as per the Bank Statement.
Answer
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Question 53 Marks
On 31st March, 2019, the balance as per the Bank Statement was ₹ 10,000 debit. On the same date, outstanding cheques amounted to ₹ 30,000 and outstanding deposits amounted to ₹ 50,000. Also, there was a dishonoured cheque from a customer of ₹ 5,000 recorded in the Bank Statement but not in the Cash Book. On the basis of the above information, determine the balance as per the Cash Book.
Answer
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Question 63 Marks
Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.
Answer
Amount wrongly debited by the bank implies a situation when the bank wrongly debits a Pass Book. The following are the common mistakes that occur in the Pass Book when bank wrongly debits the Pass Book.
  1. Mistake occurs when any two account holders’ names are identical. For example, a cheque of ₹ 2,000 issued by Mr. Prem Singh was wrongly paid through Mr. Prem Kumar’s account.
  2. Mistake occurs in case a person has more than one account in a bank. For example, a cheque of ₹ 1,000 issued from his Current Account was wrongly paid through his Savings Account.
  3. Sometimes amounts of cheques are wrongly recorded. For example, payment of ₹ 2,000 through cheque was wrongly debited in the Pass Book as ₹ 20,000.
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Question 73 Marks
What is a bank overdraft?
Answer
When a firm or an account holder withdraws excess amount over the available bank balance, the account, then, runs a negative bank balance. The negative balance is called a bank overdraft. In other words, bank overdraft is the excess of withdrawals over deposits and is considered a liability to an account holder.
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Question 93 Marks
The passbook of Mr. Mohit current account showed a credit Balance of ₹ 20,000 on dated December 31, 2016. Prepare a Bank Reconciliation Statement with the following information.
  1. A cheque of ₹ 400 drawn on his saving account has been shown on current account.
  2. He issued two cheques of ₹ 300 and ₹ 500 on of December 25, but only the Ist cheque was presented for payment.
  3. One cheque issued by Mr. Mohit of ₹ 500 on December 25, but it was not presented for payment whereas it was recorded twice in the cash book.
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Question 103 Marks
Prepare Bank Reconciliation Statement from the following:
 
 
₹
(i)
Debit balance as per the Cash Book.
15,000
(ii)
Cheques deposited but not cleared.
1,000
(iii)
Cheques issued but not presented.
1,500
(iv)
Bank interest.
200
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Question 113 Marks
Briefly explain the term ‘favourable balance as per cash book’
Answer
Favourable balance (Debit Balance), as per the Cash Book, is an asset to an account holder. It is also known as debit balance as per the Cash Book. Favourable balance is the excess of total of debit side over total of credit side of a bank column of a Cash Book. In other words, favourable balance means excess of deposits over withdrawals.
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3 Marks Question - Account STD 11 Commerce Questions - Vidyadip