BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Bank reconciliation statement is a report which compares the bank balance as per company’s accounting records with the balance stated in the bank statement. It is normal for a company’s bank balance as per the accounting records to differ from the balance as per bank statement due to timing differences.

Detailed explanation-2: -A bank reconciliation statement is a document prepared by a company that shows its recorded bank account balance matches the balance the bank lists. This statement includes all transactions, such as deposits and withdrawals, from a given timeframe.

Detailed explanation-3: -What Is Bank Reconciliation? In bank reconciliation, companies compare the balances and transactions on their external bank statements to the cash balances and transactions recorded in the cash accounts of their general ledger-the “cash books”.

Detailed explanation-4: -Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made.