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NCERT Solutions Class 11 Accountancy Chapter 5 Bank Reconciliation Statement – Here are all the NCERT solutions for Class 11 Accountancy Chapter 5. This solution contains questions, answers, images, explanations of the complete chapter 5 titled Bank Reconciliation Statement of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 5 Bank Reconciliation Statement. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 5 Bank Reconciliation Statement in one place.

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NCERT Solutions Class 11 Accountancy Chapter 5 Bank Reconciliation Statement

Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 5 Bank Reconciliation Statement , Accountancy, Class 11.

Class 11
Subject Accountancy
Book Financial Accounting Part 1
Chapter Number 5
Chapter Name

Bank Reconciliation Statement

NCERT Solutions Class 11 Accountancy chapter 5 Bank Reconciliation Statement

Class 11, Accountancy chapter 5, Bank Reconciliation Statement solutions are given below in PDF format. You can view them online or download PDF file for future use.

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NCERT Solutions for Class 11 Accountancy (Financial Accounting I) Chapter 5 Bank Reconciliation Statement

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Question & Answer

Q.1: State the need for the preparation of bank reconciliation statement?

Ans : The need and importance of the bank reconciliation statement are as follows:
  • It ensures accuracy of the balances and records shown by the pass book and cash book.
  • It detects the errors which might have occurred in a cash book in connection with bank transactions and helps in rectifying those errors.
  • Regular preparation of bank reconciliation statement helps in prevention of frauds.
  • It detects any undue delay caused during the recording of transactions or collection of cheques.
  • This helps in taking appropriate action to prevent any further delay.
  • It keeps a check on the accuracy of entries made in both the books.
  • It helps in updating the cash book as per the pass book.
 
Q.2: What is a bank overdraft?

Ans : 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. 
Q.3: Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.

Ans : The statement Wrongly debited by the bank' is alleged when the bank wrongly debits the customers account. A wrong debit reduces the account balance of the customer. Wrong debits occur when a transaction is wrongly recorded or when incorrect amount is debited from an account. Such errors can occur in the following two cases:
  • A person has more than one account in a bank: A cheque of Rs.4.OOO issued from his/her savings account was wrongly paid through his/her current account.
  • Amounts of cheques are wrongly recorded: A cheque payment of Rs.60,OOO was wrongly debited in the pass book as Rs.6.OOO.
 
Q.4: State the causes of difference occurred due to time lag.

Ans : 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. 
Q.5: Briefly explain the term ‘favourable balance as per cash book’.

Ans : Favourable balance is the excess of total of debit side over total of credit side in a bank column of a cash book. It is also known as debit balance as per the cash book. In other words, favourable balance means excess of deposits over withdrawals.

NCERT / CBSE Book for Class 11 Accountancy

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  • Click here for NCERT Book for Class 11 Accountancy
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