Chapter 7 - Bank Reconciliation Statement

Chapter # 7
Bank Reconciliation Statement
Principles of Accounting – XI
Sameer Hussain
www.a4accounting.weebly.com
Chapter # 7
Chapter contents
 Bank Reconciliation Statement.
 Kinds of bank accounts.
 Kinds of cheques.
 Reasons of differences.
 Reasons of dishonour.
 Errors by bank.
 Errors by company.
 Accounting treatment of differences.
 Adjusting Entries.
 Illustrations.
 Practice question.
 Multiple Choice Questions (MCQs).
www.a4accounting.weebly.com Sameer Hussain

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Chapter # 7
Chapter # 7
BANK RECONCILIATION STATEMENT
Bank Reconciliation Statement is prepared in every organization after receiving the bank
statement is not supposed to agree. After of the said statement, the balance should be equal.
KINDS OF BANK ACCOUNTS

This account is suitable for businessman who are very often in need of
money for making payments. In this account the customer is
authorized to deposit or withdraw money any time in or from the
Current Account: bank. The bank does not pay any interest, rather it charge from the
depositors its services which are called "Incidental Charges". The
cheque book is issued to the customer and can be withdraw money
any time.
It was introduced by the banks for those who have low incomes and
small savings. This account enable small savers to save and earn
income on it. The customer is entitled to withdraw the money twice a
Saving Account: week, and if the amount exceed a certain limit then the notice in
writing given to Bank. Saving account holder is allowed to withdraw
not more than a fixed amount in a month through limited withdrawals
from this account.
In this account the money is deposit for the fixed period of time by the
customer and the bank safely advance it in the loan and earn profit. At
the time of opening the account the slip is given to customer and
money is re paid on the presentation of the same slip on the expiry of
the period. The rate of interest is varies with the time for which the
Fixed Deposit Account: money is deposited longer is the period higher the interest and vice
versa. If the customer wants to withdraw money before the fixed
period, he will have to surrender the interest for the expired period or
he can get loan against deposit from the bank. This account is suitable
for those person who can save money for sometimes and want a higher
rate of interest.
The deposit accepted in these accounts are invested in different

productive channels remuneration to depositors is made on the basis
Profit and Loss Sharing
of profit and loss as the case may be. No concept of interest is involved.
Account:
Considerable interest is shown by the people in these accounts and so
far a large sum has been deposited in these account.
In this type of account, the bank supplies saving box to the depositors,
to enable him to drop his small saving into it from time to time. The
Home Saving Account:
box is taken to the bank periodically where the amount is taken out
from the box and credited to the customer's account.
Sameer Hussain www.a4accounting.weebly.com

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Chapter # 7
KINDS OF CHEQUES
When the words "or bearer" appearing on the face of the cheque are
not cancelled, the cheque is called a bearer cheque. The bearer cheque
is payable to the person specified therein or to any other else who
Bearer Cheque:
presents it to the bank for payment. However, such cheques are risky;
this is because if such cheques are lost, the finder of the cheque can
collect payment from the bank.
When the word "bearer" appearing on the face of a cheque is cancelled

and when in its place the word "or order" is written on the face of the
Order Cheque: cheque, the cheque is called an order cheque. Such a cheque is payable
to the person specified therein as the payee, or to any one else to
whom it is endorsed (transferred).
When a cheque is not crossed, it is known as an "Open Cheque" or an

Uncrossed / Open "Uncrossed Cheque". The payment of such a cheque can be obtained at
Cheque: the counter of the bank. An open cheque may be a bearer cheque or an
order one.
Crossing of cheque means drawing two parallel lines on the face of the
cheque with or without additional words like "& CO." or "Account
Cross Cheque: Payee" or "Not Negotiable". A crossed cheque cannot be en-cashed at
the cash counter of a bank but it can only be credited to the payee's
account.
If a cheque bears a date earlier than the date on which it is presented

Anti – Dated Cheque: to the bank, it is called as "anti-dated cheque". Such a cheque is valid
upto six months from the date of the cheque.
If a cheque bears a date which is yet to come (future date) then it is

Post – Dated Cheque: known as post-dated cheque. A post-dated cheque cannot be honoured
earlier than the date on the cheque.
If a cheque is presented for payment after six months from the date of
Stale Cheque: the cheque it is called stale cheque. A stale cheque is not honoured by
the bank.
Increase
Debit
For Bank
Asset
Company Account
Decrease
Credit
Increase
Credit
Bank
For Bank Liability
Account
Decrease
Debit

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Chapter # 7
For company, bank account is an asset and increase in asset recorded as debit and decrease as
credit. So whenever company makes deposit in the bank account, recorded as debit in company
books (cash book) and whenever withdraw from bank, recorded as credit.
While customer bank account is liability for the bank. So increase in liability recorded as credit
and decrease as debit in bank records. Whenever customer deposits amount in the bank, bank
recorded it as credit in their records (bank statement) due to increase in liability and in case of
withdrawal of the amount from bank account by customer, bank records as debit.
REASONS OF DIFFERENCES
The differences between Cash Book and bank reconciliation statement can be arises due to
following reasons:
Cheques deposited into bank but have not yet been cleared by the bank
Uncleared Cheques:
because the cheques are under clearing process.
Outstanding Cheques: Cheques written by an entity that have not yet cleared the bank.
Cheques issued by the company to the supplier but have not yet been
Unpresented Cheques:
presented to the bank by the supplier.
Direct Deposit by Customer made direct deposit into the company’s bank account which
Customer: has not been entered into the cash book.
Bank Charges: Bank deducted charges for the services rendered by the bank.
Cheques which have been written by the drawer for a date in the
Post Dated Cheques:
future.
Type of preauthorized-payment under which an accountholder

instructs a bank to pay a specified amount, directly from his or
her account balance, to a named party on a regular basis. Standing
Standing Order:
orders are used typically for recurring, fixed-amount expenses such
as insurance premiums, mortgage installments, and subscriptions, and
are cancelable at the accountholder's option
Cheques that have been sent to the bank but do not appear on the
Deposit in Transit: latest bank statement (because the most recent transactions are not on
the bank statement).
A cheque which is not paid by a bank when it is presented for payment

Dishonoured Cheques: not usually because there is not enough money in the person's account
to pay the cheque.
Errors: Errors made by the bank or company.
Bank provides interest on different types of account for depositing

Interest Income:
money in bank. This interest is treated as income in company accounts.
Bank charges interest on bank overdraft. This interest is recorded as

Interest on Overdraft:
expense in company’s books of account.

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Dividends represent a portion of the corporation’s earnings which is

Dividend Income: paid to the shareholders. When dividend is received by bank on behalf
of company, it is recorded as income in company’s book.
Zakat Deduction: Bank deducts Zakat from different account @ 2.5% per annum.
This tax is levied on the withdrawal of cash from the bank accounts by
Withholding Tax:
the customer.
REASONS OF DISHONOUR
A cheque may be dishonour by bank due to the following reasons:
When the amount written on a cheque is more than what the drawer
Insufficient Fund:
has in his account in the bank.
If the bank receives information of the death of its customer, the bank
The Death of the
will not honour any cheque presented on the account of the dead
Drawer:
customer, until further notice.
Difference in If the signature the drawer signs on the cheque differs from the
Signature: specimen signature in the bank.
Non – Existing Sometimes, swindlers who have no bank account but possess false
Account: cheque books may issue cheque to those whom they have swindled.
If one is judged by a law court to be unable to pay his debts in full, the
Bankruptcy:
bank will dishonour any cheque presented on behalf of that customer.
If court orders or a military government decrees that some people's

Frozen Account: account be frozen, the bank must definitely dishonour all cheques
bearing the account's numbers.
If anything is cancelled on a cheque, the bank will dishonour such a

When There is
cheque, except the drawer signs his signature above or under the
Attention:
altered word.
If this is presented for payment, the bank will dishonour such a

Post – Dated Cheque:
cheque.
A cheque that has been delayed for more than six months of the date
Stale Cheque: written on it, if presented for repayment must be dishonoured by the
bank.
Difference Between If for instance, the drawer writes rupees thirty thousand only in words
Amount in Words and and Rs.20,000 in figure.
Amount in Figure:
Payment is Stopped: If the drawer asks a bank not to pay a cheque already issued.

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ERRORS BY BANK
Errors Explanation Treatment
Deposited cheque into bank Error made by bank. This error Less from bank
Rs.12,000 but wrongly increases the bank account of statement
recorded by bank as Rs.21,000. company by Rs.9,000. Rs.9,000.
Deposited cheque into bank The bank credited the company’s Add in bank
Rs.20,000 but wrongly credited account by Rs.2,000 due to which statement Rs.
by bank as Rs.2,000. bank balance reduces by Rs.18,000. 18,000
Withdrew from bank Rs.1,000 Bank deducted Rs.10,000 which Add in bank
but wrongly recorded by bank results decrease in company’s bank statement
as Rs.10,000. balance by Rs.9,000. Rs.9,000.
Withdrew from bank Rs.32,000 Bank debited Rs.3,200 which Less from bank
but recorded by bank as results increase in company’s bank statement
Rs.3,200. balance by Rs.28,800. Rs.28,800.
Bank wrongly charged to Bank wrongly deducted Rs.1,000 Add in bank
company’s account Rs.1,000 which results decrease in bank statement
instead of other company. account of company by Rs.1,000. Rs.1,000.
Bank wrongly credited to Bank wrongly credited Rs.2,000 Less from bank
company’s account Rs.2,000 which results increase in bank statement
instead of other company. account of company by Rs.2,000. Rs.2,000.
ERRORS BY COMPANY
Errors Explanation Treatment
Cheque issued to supplier Rs.1,000 is recorded in cash book Less from cash
Rs.10,000 was wrongly for payment instead of Rs.10,000 book Rs.9,000.
recorded in cash book as which results increase in cash book
Rs.1,000. balance by Rs.9,000.
Cheque issued for purchase of Rs.32,000 is recorded in cash book Add in cash book
computer Rs.23,000 recorded on payment side instead of Rs.9,000.
as Rs.32,000 in cash book. Rs.23,000 which results decrease in
balance of cash book by Rs.9,000.
Cheque deposited into bank Rs.5,000 is added in bank account Add in cash book
Rs.45,000 but wrongly instead of Rs.45,000 which results Rs.40,000.
recorded in cash book as decrease in cash book balance by
Rs.5,000. Rs.40,000.
Cheque deposited into bank Rs.30,000 is added in cash book Less from cash
Rs.3,000 but recorded in cash instead of Rs,3,000 which results book Rs.27,000.
book as Rs.30,000. increase in balance by Rs.27,000.
Bank charges of Rs.100 Double recording of expense Add in cash book
recorded twice in cash book. decrease the cash book balance by Rs.100.
Rs.100.
Direct deposit by customer Direct deposit should have been Add in cash book
Rs.4,000 recorded in cash recorded in bank column of cash Rs.4,000.
column of cash book. book. This error reduces cash book
(bank column) balance by Rs.4,000.

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ACCOUNTING TREATMENT OF DIFFERENCES

The accounting treatment of the differences while preparing bank reconciliation statement are
summarized below:
ADD IN BANK STATEMENT LESS FROM BANK STATEMENT

 Un-cleared cheques/Unrecorded cheques.  Unpresented cheques.
 Last day deposit cheques.  Outstanding cheques.
 Late deposit cheques.  Cheques issued but not shown in bank
 Cheques deposited but not shown in bank statement.
statement.  Any error made by bank which results
 Deposit in transit. increase in balance.
 Any error made by bank which results
decrease in balance.
ADD IN CASH BOOK LESS FROM CASH BOOK

 Note/bill received by bank as per  Note/bill paid by bank as per instructions.
instructions.  Interest on note/bill paid by bank as per
 Interest on note/bill received by bank as instructions.
per instruction.  Interest debited by bank.
 Interest credited by bank.  Any amount of liability or expenses paid by
 Dividend collected by bank as per bank as per instructions.
instructions.  Zakat deductions.
 Any amount of profit received by bank as  Bank service charges.
per instructions.  Collection charges.
 Direct deposit by customer into bank  Dishonored cheques.
account.  Post-dated cheques.
 Error by company which results decrease  Mark up.
in receipt side or increase in payment side.  Withholding Tax.
 Error by company which results increase
in receipt side or decrease in payment side.
ADJUSTING ENTRIES
Adjusting entries are made to adjust the bank balance. Only those transactions are recorded in
the General Journal which are added in the cash book or subtracted from the cash book. The
transactions which are added or subtracted from the bank statement are not recorded in the
General Journal because they are already recorded in the company’s record.
SOME POSSIBLE ADJUSTING ENTRIES

1. Note received by bank as per instruction:
Bank Debit (with the amount of note received)
Notes receivable Credit (with the amount of notes receivable)
2. Interest credited by bank:

Bank Debit (with the amount of interest)
Interest income Credit (with the amount of interest)
3. Dividend collected by bank as per instruction:

Bank Debit (with the amount of dividend)
Dividend income Credit (with the amount of dividend)

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4. Direct deposit by a customer into bank account:

Bank Debit (with the amount of deposit into bank)
Accounts receivable Credit (with the amount of deposit into bank)
5. Dividend collected by bank as per instruction:

Bank Debit (with the amount of dividend)
Dividend income Credit (with the amount of dividend)
6. Note paid by bank as per instruction:

Notes payable Debit (with the amount of notes payable)
Bank Credit (with the amount of payment)
7. Interest debited by bank:

Interest expense Debit (with the amount of interest)
Bank Credit (with the amount of interest)
8. Standing order for insurance expense:

Insurance expense Debit (with the amount of insurance)
9. Zakat Deduction:
Zakat Debit (with the amount of Zakat)
10. Bank charges:

Bank charges Debit (with the amount of bank charges)
11. Dishonoured cheque:

Accounts receivable Debit (with the amount of dishonoured cheque)
Bank Credit (with the amount of dishonoured cheque)
12. Withholding tax:

Withholding tax Debit (with the amount of withholding tax)
Bank Credit (with the amount of withholding tax)
ILLUSTRATION # 1: 1989 Regular & Private – BIEK

(Simple Bank Reconciliation Statement)
A comparison of cash book and bank statement of Haroon Sons for the month of December 31,
1988 revealed the following:
(a) Balance as per Bank Statement (31.12.88) Rs.8,470.
(b) Balance as per Cash Book (31.12.88) Rs.6,000.
(c) Cheques issued but not presented for payment Rs.4,222.
(d) Amount deposited on 31.12.88 not shown in bank statement Rs.3,837.
(e) Cheque directly deposited by a customer in firm’s bank account was not recorded in
cash book Rs.2,000.
(f) Collection charge Rs.5 debited by bank but not recorded in cash book.
(g) The bank credited firm’s account for profit which was not recorded in cash book Rs.90.
REQUIRED
(1) Prepare a Bank Reconciliation Statement as on December 31, 1989.
(2) Prepare necessary adjusting entries in the General Journal of Haroon Sons.

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Solution # 1:
HAROON SONS
FOR THE MONTH OF DECEMBER 1988
Particulars Cash Book Pass Book
Unadjusted balance on 31 December 1988 6,000 8,470
Less: Un-presented cheques (iii) (4,222)
Add: Un-cleared cheque (iv) 3,837
Add: Direct deposit – Accounts receivable (v) 2,000
Less: Collection charges (vi) (5)
Add: Profit by bank (vii) 90
Adjusted balance 8,085 8,085
HAROON SONS
GENERAL JOURNAL
FOR THE MONTH OF DECEMBER 1988
Date Particulars P/R Debit Credit
1 Bank 2,090
Accounts receivable 2,000
Profit 90
(To record the increase in bank account)
2 Collection charges 5
Bank 5
(To record the bank collection charges)
Explanation of Solution # 1:
1) Cheques issued but not presented to the bank for payment, but will be presented in future
so it will be deducted from bank statement Rs.4,222.
2) Cheques deposited into bank but not recorded by the bank due to in the process of clearing
but it will be deposited by the bank later so it will be added in the bank statement Rs.3,837.
3) Customer directly deposited into bank has been recorded by the bank but did not recorded
by the company so it will be added by the company as increase in bank account Rs.2,000.
4) Collection charges deducted by the bank but not recorded by the company so it will be
recorded by the company in cash book as decrease in cash book Rs.5.
5) Profit recorded by the bank but fails to records in company's cash book so it will be added in
the cash book as increase in bank account Rs.90.
ILLUSTRATION # 2: 1990 Regular & Private – BIEK

(Bank Reconciliation Statement with Errors & Dishonoured)
A comparison of cash book and bank statement of Hasan Company for the month of April 1990
revealed the following:
1. Balance per cash book Rs.6,180.
2. Balance per bank statement Rs.5,665.
3. A cheque for Rs.3,600 deposited into the bank was not yet cleared by the bank.
4. A cheque for Rs.980 deposited into the bank and cleared by the bank, was recorded in
the bank statement as Rs.890.
5. A cheque for Rs.400 received from Akbar Brothers and deposited into the bank was
returned dishonoured by the bank.
6. A cheque for Rs.3,500 issued to Aftab Sports has not so far been presented to the bank
for payment.

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7. The bank statement showed a debit of Rs.135 for Zakat deduction and a credit of Rs.210
for bank profit.
REQUIRED
a) Bank Reconciliation Statement as on April 30, 1990.
b) Entries in the General Journal to adjust the cash records of the company.
Solution # 2:
HASAN COMPANY
FOR THE MONTH OF 30 APRIL 1990
Unadjusted balance on 30 April 1990 6,180 5,665
Add: Un-cleared cheque (3) 3,600
Add: Error by bank (4) 90
Less: Dishonoured cheque – Accounts receivable (5) (400)
Less: Un-presented cheque (6) (3,500)
Less: Zakat deduction (7) (135)
Add: Profit given by bank 210
HASAN COMPANY
GENERAL JOURNAL
FOR THE MONTH OF APRIL 1990
(a) Accounts receivable (Akbar Brothers) 400
Zakat deduction 135
Bank 535
(To record the decrease in bank account)
(b) Bank 210
Profit 210
(To record the profit given by the bank)
1) Cheques deposited into bank but not cleared by the bank due to in the process of clearing
but it will be deposited by the bank later so it will be added in the bank statement Rs.3,600.
2) Cheque deposited Rs.980 into bank but wrongly recorded by bank as Rs.890. Due to this
error by bank, the account is reduced by Rs.90. To correct this error, Rs.90 will be added in
bank statement.
3) Cheque returned by the bank so it will be deducted from the cash book Rs.400.
4) Cheques issued but not presented to the bank for payment, but will be presented in future
so it will be deducted from bank statement Rs.3,500.
5) Zakat is deducted by bank from bank account. It is not recorded in company’s cash book. It
reduces the bank account so it will be deducted from cash book Rs.135.
6) Profit recorded by the bank but fails to records in company's cash book so it will be added in
the cash book as increase in bank account Rs.210.
BANK OVERDRAFT
Bank overdraft is a loan made to a customer with a cheque account at a bank in which the
account is allowed to go into debit, usually up to a specified limit. Cash book shows the bank
overdraft as credit balance in cash book while bank statement shows bank overdraft as debit
balance in bank statement. Bank overdraft is the negative balance of bank account.

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ILLUSTRATION # 3: 2014 Private – BIEK

(Bank Reconciliation Statement with Overdraft Balances)
Comparison of cash book and bank statement of Mr. Tariq Jamil, a sole trader, reveals the
following for the month of April 2014:
1) Balance per cash book (Debit balance) Rs.17,000 and as per bank statement (Debit
balance) Rs.23,000.
2) Direct deposit by a customer Rs.5,000.
3) A cheque of Rs.18,000 issued in settlement of an account was recorded in the cash book
as Rs.13,000.
4) Uncleared cheques Rs.37,000.
5) Unpresented cheques Rs.7,000.
6) Bank made direct payment for an outstanding bill of business Rs.10,000.
REQUIRED
(a) Prepare bank reconciliation statement as on April 30, 2014.
(b) Record necessary entries in General Journal of the books of Mr. Tariq Jamil at April 30,
2014.
Solution # 3:
MR. TARIQ JAMIL
Unadjusted balance on 30 April 2014 17,000 (23,000)
Add: Direct deposit – Accounts receivable (2) 5,000
Less: Accounts payable – Error (3) (5,000)
Add: Uncleared cheques (4) 37,000
Less: Unpresented cheques (5) (7,000)
Less: Bills payable (6) (10,000)
MR. TARIQ JAMIL

GENERAL JOURNAL
1 Mark – up charges 600
Accounts receivable 3,500
Equipment 1,500
Notes payable 3,000
Bank 8,600
(To record the decrease in bank account)
2 Bank 10,800
Dividend income 2,200
Cash 8,600
(To record the increase in bank account)
1) Bank account is an asset for company and asset has normally debit balance. Cash book
shows that bank account has a debit balance it means it has a positive balance Rs.17,000.
2) For banks, customer's account is a liability and liability has a credit balance. Here bank
statement shows debit balance which means negative balance Rs.23,000.

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3) Customer directly deposited into bank has been recorded by the bank but did not recorded
by the company so it will be added by the company as increase in bank account Rs.5,000.
4) A cheque was issued for Rs.18,000 but wrongly recorded as Rs.13,000 in cash book. This
error increases the bank balance as per company’s records. To rectify this error, Rs.5,000
will be deducted from cash book as decrease in bank account.
5) Cheques deposited but not cleared by the bank. It will be added in bank statement
Rs.37,000.
6) Cheques issued but not presented to the bank for payment. It will be deducted from the
bank statement Rs.7,000.
7) Bank paid outstanding bill on behalf of the company but did not recorded by the company.
So it will be recorded by the company as deduction from cash book Rs.10,000.
ILLUSTRATION # 4:
(Bank Reconciliation Statement with Revised Balance)
A comparison of cash book and bank statement of ABC Sons for the month of July 31, 2014
(a) Balance as per Cash Book Rs.10,000.
(b) Unpresented cheques Rs.4,000
(c) Uncleared cheques Rs.10,000
(d) Direct deposit by customer Rs.20,000.
(e) Bank charges Rs.200.
(f) Interest credited by bank Rs.1,200.
REQUIRED
(1) Prepare a schedule showing addition to and deduction from cash book.
(2) Determine the unadjusted balance of bank statement on July 31, 2014.
(3) Prepare bank reconciliation statement on July 31, 2014.
Solution # 4:
ABC SONS
SCHEDULE OF ADDITION TO AND DEDUCTION FROM CASH BOOK
FOR THE MONTH OF JULY 2014
Particulars Cash Book
Unadjusted balance on 31 July 2014 10,000
Add: Direct deposit – Accounts receivable (d) 20,000
Less: Bank charges (e) (200)
Add: Interest income (f) 1,200
Adjusted balance 31,000
ABC SONS
UNADJUSTED BALANCE OF BANK STATEMENT
Particulars Pass Book
Adjusted balance per cash book 31,000
Add: Unpresented cheques (b) 4,000
Less: Uncleared cheques (c) (10,000)
Unadjusted balance 25,000

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ABC SONS
Unadjusted balance on 31 July 2014 10,000 25,000
Less: Unpresented cheques (b) (4,000)
Add: Uncleared cheques (c) 10,000
Add: Direct deposit – Accounts receivable (d) 20,000
Less: Bank charges (e) (200)
Add: Interest income (f) 1,200
1) In order to find the adjusted balance of cash book, direct deposit by customer Rs.20,000 and
interest income credited by bank Rs.1,200 are added in cash book as increase in bank
account and Rs.200 for bank charges is deducted from cash book. After the said addition and
deduction, the cash book shows the adjusted balance of Rs.31,000.
2) After the completion of bank reconciliation statement, the cash book and pass book shows
the same adjusted balance. The cash book shows the adjusted balance of Rs.31,000,
therefore, the adjusted balance of pass book should also be Rs.31,000. To find the
unadjusted balance of pass book, the unpresented cheque Rs.4,000 is added back and
uncleared cheque Rs.10,000 is subtracted from the adjusted balance. In this way, the
unadjusted balance of pass book can be obtained.
3) Remaining process for preparing bank reconciliation statement remains the same.

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PRACTICE QUESTIONS
Question # 1: 2010 Regular & Private – BIEK
On comparison of Cash Book (Bank Column) and the bank Statement of Aslam Traders for the
month of July 2009 revealed the following:
1) Balance as per Bank Statement on July 31, 2009 was Rs.57,000.
2) Balance as per Cash Book on July 31, 2009 was Rs.43,000.
3) Cheques issued during July 2009 but not presented Rs.15,000.
4) Bank charges not entered in Cash Book Rs.500.
5) Locker rent debited by bank not recorded in Cash Book Rs.3,500.
6) Profit credited Rs.1,500 and tax debited Rs.150 by bank not recorded in Cash Book.
7) Cheques deposited on July 30, 2009 not shown in Bank Statement Rs.5,000.
8) Direct deposit by a customer Rs.6,650.
REQUIRED
Prepare Bank Reconciliation Statement as on July 31, 2009.

A comparison of the Cash Book of Rizwan Corporation and the bank statement for January 2009
(i) Balance per Cash Book Rs.24,000.
(ii) Balance per bank statement Rs.9,000.
(iii) Late deposit not shown in bank statement Rs.8,000.
(iv) Outstanding cheque Rs.2,200.
(v) Direct deposit by a customer not recorded on Cash Book Rs.3,000.
(vi) Dishonoured cheque Rs.14,000.
(vii) Profit credited by bank, not debited in Cash Book Rs.2,000.
(viii) Withholding tax debited by the bank, not credited in Cash Book Rs.200.
REQUIRED
Prepare a Bank Reconciliation Statement on January 31.

Prepare Bank Reconciliation Statement from the following information as on Dec 31, 2003 of
Anas Bros.
(a) Balance as per cash book 35,000
(b) Balance as per bank statement 26,000
(c) Dishonoured cheque of Shahid & Co. 21,250
(d) Uncleared cheques 11,950
(e) Cash deposited on Dec. 31, 2003 not shown at bank statement 10,000
(f) Collection of notes receivable not recorded in cash book 6,000
(g) Direct deposit by a customer not recorded in cash book 6,000
(h) Un-presented cheques 21,950
(i) Collection charges debited by bank but not recorded in cash book 30
(j) Mark-up credited by bank but not recorded in cash book 280
Question # 4: 2003 Private – BIEK

A comparison of cash and bank records of Kahkashan Corporation revealed the following
information:-
(1) Balance as per cash book Rs.25,000.
(2) Balance as per bank statement Rs.50,000.
(3) Cheques deposited but not shown in bank statement Rs.15,000.
(4) Cheques issued but not presented at the bank Rs.32,000.
(5) Direct deposit by a customer in bank Rs.8,000.

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Chapter # 7
(6) Dishonoured cheque Rs.1,500.

(7) Bank service charges Rs.500.
(8) Profit given by the bank Rs.2,000.
REQUIRED
(i) Prepare the Bank Reconciliation Statement on May 1, 2003.
(ii) Prepare necessary adjusting entries.

Comparison of cash book and bank statement of Khalid Traders revealed the following
information:
Balance as per cash book Rs.12,000
Balance as per bank statement Rs.37,000
i) Cheque deposited but not shown in bank statement Rs.15,000
ii) Cheque issued but not presented at the bank Rs.32,000
iii) Direct deposit by a customer in bank Rs.8,000
iv) Dishonoured cheque Rs.1,500
v) Bank service charges Rs.500
vi) Profit given by bank Rs.2,000
REQUIRED
a) Prepare bank reconciliation statement as on December 31, 2012.
b) Prepare necessary adjusting entries.
Question # 6: 2012 Regular – BIEK

A study of cash record and the bank statement of Naeem Traders for the month of April 2012
revealed the following information:
Balance as per cash book Rs.22,500
Balance as per bank statement Rs.27,000
(i) April 30, deposit not shown in bank statement Rs.5,000.
(ii) Cheque issued but not presented for payments Rs.7,000.
(iii) Cheque deposited by a customer directly in the firm’s bank account for Rs.6,000
which was not recorded in the firm’s cash book.
(iv) Collection charges of Rs.500 not recorded in the cash book.
(v) The bank has credited the firm’s account for markup Rs.4,000 which was not
recorded in cash book.
(vi) A customer’s cheque for Rs.7,000 which was earlier deposited into bank was
dishonoured by his bankers. This was not recorded in the cash book.
REQUIRED
(a) Prepare a bank reconciliation statement as of April 30, 2012.
(b) Make adjusting entries in General Journal.

A study of the cash records and the bank statement of Maqsood Abbasi & Co. for the month of
September, 1998 revealed the following information:-
(1) Balance as per Cash Book (30.9.1998) Rs.30,000.
(2) Balance as per Bank Statement (30.9.1998) Rs.42,350.
(3) September 30 deposit not shown is Bank Statement Rs.16,660.
(4) Cheque issued but not presented for payment Rs.21,110.
(5) Cheque deposited by a customer directly in firm’s a/c, not recorded in Cash Book Rs.10,000.
(6) Collection charges debited by bank not recorded in Cash Book Rs.100.
(7) Credit given by bank not recorded in Cash Book Rs.500.
(8) A customer’s cheque has been dishonoured by the bank Rs.2,500.

Page 134
Chapter # 7
REQUIRED
a) Prepare a Bank Reconciliation Statement for the month ended September 30, 1998
showing the corrected balances of Cash Book (bank column) and Bank Statement.
b) Give adjusting entries in General Journal to update the cash book.

A comparison of Cash Book and Bank Statement of Aleem Sons for the month of March, on
March 31, 1997 revealed the following:-
(i) Balance per cash book Rs.42,5000
(ii) Balance per bank statement Rs.37,758.
(iii) Cheque deposited on 31st March 1997 not shown in bank statement for Rs.6,244.
(iv) Interest credited by bank Rs.167 not recorded in cash book.
(v) Bank service charges shown in the bank statement Rs.14.
(vi) Cheque dishonoured by the bank not recorded in cash book Rs.700.
(vii) Outstanding cheques # 0432 – Rs.964, #0435 – Rs.1,085.
REQUIRED
a) Prepare Bank Reconciliation Statement as on March 31, 1997.
b) Prepare necessary adjusting entries in General Journal of Aleem Sons.

On January 31, 2005, the Cash Book of Jawad Baluch provides the following information:
(1) Debit balance (bank column) Rs.12,500.
(2) Balance as per bank statement on Jan. 31, 2005 Rs.13,426.
(3) Bank debited his charges Rs.115 the item was not recorded in the Cash Book.
(4) Un-cleared cheques Rs.1,000.
(5) Unpaid cheque Rs.2,000.
(6) Dividend on PPL shares credited by bank Rs.50 not recorded in the Cash Book.
(7) A cheque # 1009 issued to Ahmad Husain Rs.266 was wrongly recorded in the Cash
Book as Rs.257.
REQUIRED
a) Prepare a Bank Reconciliation Statement on January 31.
b) Prepare adjusting journal entries in General Journal.

On December 31, 1997 the Cash Book of Karim showed a debit balance (bank Column) of
Rs.12,500. On this date balance as per Bank Statement was Rs.13,426. The following items of
disagreement were discovered:-
(i) The bank had debited the amount of bank charges amounting to Rs.15 Likewise the
bank had paid Rs.100 for insurance premium on behalf of Karim but the item was not
recorded in the Cash Book.
(ii) Cheques were deposited totaling Rs.4,000 but cheques totaling Rs.3,000 only were
cleared.
(iii) Cheques totaling Rs.5,000 were issued but cheques totaling Rs.3,000 only had been
presented to the bank.
(iv) The bank had credited the amount of Rs.50 for interest. This was not recorded in the
Cash Book.
(v) A cheque for Rs.266 issued to Saleem was presented and paid but it had been recorded
in the Cash Book as Rs.257.
REQUIRED
a) Prepare a Bank Reconciliation Statement as on December 31, 1997.
b) Prepare adjusting journal entries in the General Journal.

Page 135
Chapter # 7

The June 30 balance in the Cash Book is Rs.16,500; the bank statement balance for the same
date shows a balance of Rs.8,500. Following are the differences found between the two records
of the Simple Co.
(1) Un-cleared cheques for Rs.2,500.
(2) Unpaid cheques for Rs.1,000.
(3) A cheque for Rs.2,500 issued to a supplier which was paid by the bank but was not
recorded in Cash Book.
(4) A cheque for Rs.5,300 was drawn to settle an A/Payable but it was wrongly entered
in Cash Book as for Rs.3,500.
(5) A cheque for Rs.2,200 was deposited in bank, but the bank incorrectly recorded it as
for Rs.200.
(6) Enclosed with the bank statement was a debit note for service charges Rs.200.
REQUIRED
a) Prepare the June 30 Bank Reconciliation Statement for the Simple Co. showing corrected
balances.
b) Give adjusting General Journal entries.

The cash transactions and cash balances of Memon Company for April, 2003 are summarized
below:
(ii) On April 30, cash book showed balance of Rs.7,059.12 and balance per bank statement
was Rs.6,678.67.
(iii) Cash receipt of Rs.2,187.03 on April 30 were not recorded by bank.
(iv) The following memoranda accompanied the bank statement:
a. Debit memo for service charges Rs.7.56.
b. Debit memo for a cheque of Haroon marked NSF for Rs.149.88.
c. Credit memo for Rs.1,452 representing the proceeds for non-interest bearing a
note collected by bank for ABC Company. The note was for Rs.1,464, the bank
had deducted collection charges of Rs.12.
(iv) The following cheques had been issued but were still not presented for payment:
No. 348 for Rs.302.40.
No. 351 for Rs.124.32.
No. 356 for Rs.85.30.
REQUIRED
(i) Prepare Bank Reconciliation Statement as of April 30, 2003.
(ii) Record necessary adjusting entries in the books of Memon Company.

On April 30, 2008 the following information is collected for the preparation of Bank
Reconciliation Statement of Muhammad Yousuf Brothers:
(1) The balance of April 30, 2008 as per bank statement is Rs.75,000 and the Cash Book shows
a balance of Rs.99,000.
(2) Un-cleared cheques of Rs.30,000.
(3) Cheque of Rs.20,000 issued but not presented in the bank for payment.
(4) Cheque No.3456 for Rs.58,000 issued for advertisement expense was recorded in Cash
Book as Rs.85,000.
(5) A customer’s cheque for Rs.30,000 was returned with the bank statement marked N.S.F.
(6) A payment made to Usman & Co. for Rs.10,900 after deduction of discount of Rs.100 online
but not recorded in the Cash Book.
(7) Withholding tax on cash withdrawal Rs.100 shown in the bank statement.

Page 136
Chapter # 7
REQUIRED
a) Prepare Statement of Bank Reconciliation on 30.04.2008.
b) Prepare necessary adjusting entries.

A study of cash transactions related with the business bank account for April revealed the
following:
1. Overdraft balance as per bank statement Rs.25,000.
2. Balance as per cash book Rs.15,000.
3. Uncleared cheques Rs.35,000.
4. Unpresented cheques Rs.5,000.
5. Direct payment by bank for bill payable Rs.8,000.
6. Direct deposit by customer Rs.3,000.
7. Cheque issued by manager Rs.16,000 recorded in counterfoil Rs.11,000.
REQUIRED
(a) Prepare Bank Reconciliation Statement as on April 30.
(b) Record necessary entries in General Journal.

On January 31, 2012, the cash book of Zaheer Merchants showed a bank balance of Rs.5,750 and
bank statement showed a debit balance (overdrafts) of Rs.3,500. On comparing the following
differences were revealed:
(i) Cheque amounting to Rs.16,500 was deposited into the bank but not shown in the
bank statement.
(ii) Cheque drawn for Rs.6,000 was entered in the cash book but not presented at the
bank for payment.
(iii) Accompanying the bank statement, a cheque for Rs.150 returned dishonoured.
(iv) Rs.1,500, being the proceeds of a cheque collected appeared in the bank statement.
(v) Bank charges of Rs.15 and interest on overdraft Rs.85 appeared in the bank
statement.
REQUIRED
(i) Prepare bank reconciliation statement on January 31, 2012.
(ii) Prepare necessary journal entries in the books of Zaheer Merchants.

The cash book and bank statement of Ghori Khan reveal the following information:
a) Cash at bank per bank statement Rs.9,820/- overdraft as on December 10, 2012.
b) Cash at bank per bank book Rs.29,650/- as December 10, 2012.
c) Cheques were issued for the various payments of Rs.112,400/- but the cheques of
Rs.96,400/- were presented for payments.
d) Cheques of Rs.88,000/- were received and deposited but the cheques of Rs.40,250/-
were not cleared.
e) Interest charged by bank Rs.312/- and bank service charges Rs.168/- were not recorded
in the cash book.
f) A customer’s cheque of Rs.14,740/- was returned dishonoured.
REQUIRED
Prepare bank reconciliation statement as on December 10, 2012.

Page 137
Chapter # 7

Comparison of cash book and bank statement of Naeem & Co. for the month of March 2011
(1) Balance as per cash book Rs.2,050.
(2) Bank overdraft Rs.3,500 as per bank statement.
(3) A deposit of Rs.5,400 was made on March 31, too late to appear in bank statement.
(4) Cheques outstanding totaled Rs.800.
(5) Cheque drawn for Rs.420 was erroneously charged by the bank as Rs.520.
(6) Bank service charges of Rs.30 were not recorded by the company.
(7) A cheque for purchase of office supplies was drawn for Rs.230 but was recorded by the
company as Rs.320.
(8) A cheque of Rs.110 for travelling expenses was not recorded by the company.
(9) A cheque of Asif & Co. for Rs.800 marked N.S.F. and returned by the bank.
REQUIRED
Prepare Bank Reconciliation Statement as on March 31, 2011.

On a comparison of cash book entries with those of the bank statement of Rahim & Co. on May
31, 1993 the following differences were found:-
(a) Cash book balance (Dr.) on May 31 was Rs.5,650.
(b) Bank statement balance (Dr.) overdraft on May 31 was Rs.8,780.
(c) Markup charged by bank, Rs.500 was not recorded in the cash book.
(d) Service charged levied by bank not recorded in the cash book Rs.150.
(e) A cheque for Rs.9,500 deposited into bank was wrongly entered in the bank statement
as for Rs.5,900.
(f) Cheques outstanding Rs.5,820.
(g) Deposit of Rs.16,000 on May 31 not shown on bank statement.
(h) Bank statement showed a direct deposit of Rs.1,500 by a customer.
(i) Accompanying the bank statement was a customer’s cheque for Rs.1,200 returned
unpaid by bank.
(j) A cheque for Rs.800 issued in settlement of accounts payable was erroneously entered
in cash book as for Rs.500.
REQUIRED
a) Prepare a Bank Reconciliation Statement as of May 31, 1993.
b) Give entries in General Journal for updating the cash records.

A comparison of the bank column of the Cash Book and Bank Statement of a trader revealed the
following for the month of March 2007:
(i) Balances (Cash Book) Rs. 10,200
(Bank Statement) Rs. 4,115
(ii) Deposit in transit Rs. 12,000
(iii) Outstanding cheques Rs. 5,500
(iv) Bank credited Rs.500 mark-up and debited Rs.85, bank charges
not shown in the Cash Book.
REQUIRED
(i) What is the correct Cash Book balance?
(ii) Prepare a Bank Reconciliation Statement.

Page 138
Chapter # 7
Question # 20:
The following information ascertained from the books of M/S Usama & Co. on 31st March, 2011:
1) Balance as per pass book (overdraft) Rs.54,500.
2) Interest on investment Rs.18,000 collected by bank but not recorded in cash book.
3) Uncleared cheques Rs.25,000.
4) Unpresented cheques Rs.15,000.
5) Bank charges charged by bank Rs.500 not recorded in cash book.
6) Interest on overdraft Rs.2,000 debited in pass book not recorded in cash book.
7) Dishonoured cheque Rs.30,000.
8) Cheque issued to supplier for Rs.65,000 was wrongly recorded in cash book as
Rs.56,000.
REQUIRED:
(i) Prepare a Bank Reconciliation Statement on 31st March 2011.
(ii) Prepare adjusting entries in General Journal.

A comparison of cash book and bank statement of Ather & Co. revealed the following
information:
a) Cheques deposit of Rs.16,000 but not shown in bank statement.
b) Cheque issued of Rs.20,000 but not presented at the bank.
c) Direct deposit by customer Rs.14,000 in bank.
d) Dishonoured cheque Rs.8,500.
e) Bank services charges Rs.1,000.
f) Mark-up credited by bank Rs.500.
g) A cheque for Rs.4,050 issued to supplier was wrongly recorded in cash book as
Rs.40,500.
h) A cheque for Rs.25,700 was deposited to bank entered in the company’s record as
Rs.27,500.
REQUIRED
A schedule of added to and deducted from cash book.

Page 139
Chapter # 7
MULTIPLE CHOICE QUESTIONS (MCQS)

1) In preparing a bank reconciliation, a service charge shown on the bank statement
should be:
a) Added to the balance per the bank statement
b) Deducted from the balance per the bank statement
c) Added to the balance per the depositor’s records
d) Deducted from the balance per the depositor’s records
2) A bank reconciliation statement is prepared with the help of:

a) Bank statement and bank column of the cash book
b) Bank statement and cash column of the cash book
c) Bank column of the cash book and cash column of the cash book
d) None of the above
3) A cheque for the cash purchase of supplies for $329 was recorded on the cash book
as $239. On a bank reconciliation, this will appear as a(n):
a) Addition to the bank balance b) Deduction from the bank balance
c) Addition to the cash book d) Deduction from the cash book
4) The proper treatment of outstanding cheques is to report them in the bank

reconciliation as which of the following?
a) An addition to the balance per bank statement
b) A deduction from the balance per bank statement
c) An addition to the balance per depositor's records
d) A deduction from the balance per depositor's records
5) The proper treatment on a bank reconciliation of an NSF cheque returned with the
bank statement is to report it on the bank reconciliation as which of the following?
6) The bookkeeper recorded a bank deposit at Rs.450, but the bank recorded the
deposit at its correct amount of Rs.540. The proper treatment of this issue is to
report it in the bank reconciliation as which of the following?
7) The bookkeeper recorded a cheque at $140.56 for store supplies. The bank
recorded the cheque at an incorrect amount of $410.56. This error will be reported
in the bank reconciliation as which of the following?
8) Bank reconciliation is:

a) Journal b) Ledger c) Cash book d) Statement

Page 140
Chapter # 7
9) For which of the following reconciling items would an adjusting entry be necessary?
a) A deposit in transit b) An error by the bank
c) Outstanding cheques d) A bank service charge
10) Bank Reconciliation Statement is prepared to:

a) Rectify the mistakes in pass book
b) To rectify the mistakes in cash book
c) To arrive at balance as per bank statement
d) To find the reasons to differences in balances as per cash book and bank statement
11) A cash deposit made by business appears on the bank statement as:
a) Debit b) Credit c) Expense d) Capital
12) Bank reconciliation statement is the comparison of a bank statement (sent by

bank) with the _________ (prepared by business)
a) Cash receipt journal b) Cash payment journal
c) Cash book d) Financial statements
13) A cheque returned by the bank marked “NSF” means that:

a) Bank cannot verify your identity b) There are not sufficient fund in account
c) Cheque has been forged d) Cheque cannot be cashed being illegal
14) In the bank reconciliation statement, “deposit in transit” is usually:

a) Subtracted from bank balance b) Added to bank balance
c) Added to cash book balance d) Subtracted from cash book balance
15) Bank reconciliation statement is prepared by:

a) Accountant of the business b) Manager of the business
c) Controller of the bank d) Accountant of the bank
16) One of the following is not the function of bank reconciliation statement:
a) To check for errors in balance sheet
b) To update omitted entries into the cash book
c) To update omitted entries into the bank reconciliation statement
d) To reconcile the difference in the bank statement and cash book
17) Favourable balance of cash book means:

a) Debit balance b) Credit balance c) Bothe of these d) None of these
18) Name of cheque which cannot be cashed at the bank counter:

a) Bearer cheque b) Cross cheque c) Order cheque d) None of these
19) Unfavourable balance of pass book means:

a) Debit balance b) Credit balance c) Both of these d) None of these
20) Direct deposit by a customer is recorded by bank as:

a) Credit in customer’s account
b) Debit in the customer’s account
c) Debit and credit in the customer’s account
d) None of these

Page 141
Chapter # 7
21) It is always used while depositing money in bank account:

a) Cheque book b) Cash book c) General ledger d) Paying in slip
22) When depositor’s book shows a credit bank balance it means:

a) Amount overdrawn b) Amount deposited
c) Outstanding cheques d) Uncleared cheque
23) A bank does not pay against cheques if they are:

a) Over six months old b) Over four months old
c) Over three months old d) Over two months old
24) The following bank account is subject to Zakat deduction:

a) Current account b) Saving account
c) T – account d) Control account
25) N.S.F. stands for:

a) New Studies Federation b) National Studies Federation
c) Net Sufficient Funds d) Non – Sufficient Fund
26) Bank reconciliation statement is prepared:

a) At the end of 6 months
b) At the end of every month
c) At the end of financial year
d) At any time when management needs
27) A cheque with a future date is called:

a) Cancelled cheque b) Dishonored cheque
c) Post-dated cheque d) Outstanding cheque
28) Phillip’s bank reconciliation statement shows uncleared cheques paid in by Phillip
of Rs.3,800 and outstanding cheques to suppliers of Rs.3,500. His cash book shows a
debit balance of Rs.25,000.
What balance does Phillip’s bank statement show?
a) Rs.25,000 b) Rs.24,700 c) Rs.25,300 d) Rs.32,300
29) A cheque paid to supplier, but not yet passed through the banking system, is:
a) An uncleared cheque b) A dishonored cheque
c) A direct deposit d) An Unpresented cheque
30) A debit balance of bank in firm’s cash book will be shown in the bank statement as:
a) A debit balance b) A nil balance
c) A credit balance d) None of these
31) Firm’s view bank account is:

a) Liability b) Loan c) Asset d) Expense
32) A schedule that explains difference between the balance shown in bank statement
and the balance shown in the depositor’s accounting records is:
a) Trial balance b) Schedule of accounts receivable
c) Schedule of accounts payable d) Bank reconciliation

Page 142

Chapter 7 - Bank Reconciliation Statement

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Chapter # 7

Bank Reconciliation Statement

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KINDS OF BANK ACCOUNTS

The deposit accepted in these accounts are invested in different

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When the word "bearer" appearing on the face of a cheque is cancelled

When a cheque is not crossed, it is known as an "Open Cheque" or an

If a cheque bears a date earlier than the date on which it is presented

If a cheque bears a date which is yet to come (future date) then it is

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Type of preauthorized-payment under which an accountholder

A cheque which is not paid by a bank when it is presented for payment

Errors: Errors made by the bank or company.

Bank provides interest on different types of account for depositing

Bank charges interest on bank overdraft. This interest is recorded as

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Dividends represent a portion of the corporation’s earnings which is

If court orders or a military government decrees that some people's

If anything is cancelled on a cheque, the bank will dishonour such a

If this is presented for payment, the bank will dishonour such a

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ACCOUNTING TREATMENT OF DIFFERENCES

ADD IN BANK STATEMENT LESS FROM BANK STATEMENT

ADD IN CASH BOOK LESS FROM CASH BOOK

SOME POSSIBLE ADJUSTING ENTRIES

2. Interest credited by bank:

3. Dividend collected by bank as per instruction:

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4. Direct deposit by a customer into bank account:

5. Dividend collected by bank as per instruction:

6. Note paid by bank as per instruction:

7. Interest debited by bank:

8. Standing order for insurance expense:

10. Bank charges:

11. Dishonoured cheque:

12. Withholding tax:

ILLUSTRATION # 1: 1989 Regular & Private – BIEK

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ILLUSTRATION # 2: 1990 Regular & Private – BIEK

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ILLUSTRATION # 3: 2014 Private – BIEK

MR. TARIQ JAMIL

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Question # 2: 2009 Regular & Private – BIEK

Question # 3: 2004 Regular & Private – BIEK

Question # 4: 2003 Private – BIEK

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(6) Dishonoured cheque Rs.1,500.

Question # 5: 2013 Private – BIEK

Question # 6: 2012 Regular – BIEK

Question # 7: 1999 Regular & Private – BIEK

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Question # 8: 1997 Regular & Private – BIEK

Question # 9: 2005 Regular & Private – BIEK

Question # 10: 1998 Regular & Private – BIEK

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Question # 11: 2000 Regular & Private – BIEK

Question # 12: 2003 Regular – BIEK