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BANK RECONCILIATION STATEMENT

What is a Bank Reconciliation Statement (BRS)?
A BRS is a statement prepared to reconcile the difference between the balance as per the cash book maintained by the account holder and the balance as per the bank passbook or bank statement on a given date.
What is the meaning of 'balance as per cash book' in BRS?
The closing balance of bank column in the company's cash book.
Why does a difference arise between the cash book balance and the passbook balance?
Differences arise due to timing differences such as uncollected cheques, unpresented cheques, bank charges not yet recorded, interest credited by the bank, or errors in either book.
What is the meaning of 'balance as per passbook' in BRS?
The closing balance shown in the bank-issued passbook or statement.
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