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Bank Reconciliation Statement ( BRS ) explained with example in easy way | Class 11th | CA | B.Com

Bank Reconciliation Statement (BRS)explained in easy way for the students as well as faculty. Class 11th, CA, B.com , CA foundation To know about what is Bank Reconciliation statement, you guys should have some basic knowledge of two things which are Pass Book and Cash Book. Now as you guys are studying Accountancy instead of A, B, C, let me assume that you guys are grown enough to know what a pass book is. But still I know that there may be some people among you guys who doesn't know what a pass book is because in India still many families doesn't have a bank account. So, yeah for those who doesn't know, A pass book is the record of deposit and withdrawals of a person made with the bank. That is when you deposit money in the bank, it gets credited in your pass book and when you withdraw money out of your bank, it gets debited from your pass book. And this pass book is maintained by the Bank. Okay, so this is what a pass book is. Now, the next thing is Bank Book which is also known as Cash Book and it is usually the Bank Column of the Cash Book. So, cash book or Bank book is usually studied before studying Bank Reconciliation statement. Therefore, most of you guys may already know about it. For those who don't, a cash book is a book in which receipt and payments of money are recorded. But unlike pass book, which is prepared by bank, cash book is prepared by the business. Now Cash Book has two column, one is Cash column and other is Bank column, but in bank Reconciliation Statement, we are only concerned with Bank column because Bank Reconciliation is only about those transactions which are related to Bank. So, from this we can say that both Pass book and Cash book are the statements of receipts and payment but the only difference is that Pass Book is prepared by the bank but the Cash book is prepared by the customer of the bank i.e Business. Now, the thing is that most of the time the balance of pass book and the balance of cash book doesn't match, because of which we prepare Bank Reconciliation Statement. So, we can say that Bank Reconciliation statement is a statement which explains the difference among balances of a pass book and a cash book. Now as i said sometimes pass book and cash book doesn't match, but the question is why? Let's understand See, as I said Bank book is prepared by Bank which is usually correct and the cash book is prepared by the customer of the bank or the business which can commit errors, so sometimes because of the error committed by the business in recording the transactions in the bank column of the cash book, there comes a difference among the balances of cash book and pass book. Another reason of mismatch is Difference in timing, For example- When we deposit a cheque in the bank, we immediately Debit the cash book with the amount of cheque....but it takes time by the bank to deposit the cheque in the account and if we check the balance of pass book and bank book during such time, there will be a mismatch. Yet another reason is No information regardibg the transaction... For example - When bank pays Interest, it credits the pass book but we do not know about such Interest until we check the pass book, so we do not record it in the Bank book which results in Mismatch. Now, let's study how to prepare Bank Reconciliation statement which is also known as BRS with a problem. So, here is our problem where it is stated Prepare Bank Reconciliation Statement of ABC Ltd. from the information given below. Let's show you guys how to solve it. Here is the format of Bank Reconciliation Statement, and I want to tell you guys that there is no standard format of BRS, so you guys can prepare it anyway, but this is still the best format according to me. So, we always start with either the balance of cash book or the balance of pass book... It depends upon the problem. As you can see in this problem, we are given Balance as per Cash book, so will start with this. Balance as per Cash Book Rs. 25,000 Before going to next step, you guys need to know what is the motive behind preparing Bank Reconciliation Statement. For example - Trading Account is prepared to know Gross profit i.e the end result of Trading account is either Gross profit or gross loss. Similarily end result of Profit and Loss Account is either Net Profit or Net Loss.