Define a Bank Reconciliation statement. State the reasons for preparing Bank Reconciliation Statement
5 mark question?
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Define a Bank Reconciliation statement. State the reasons for preparing Bank Reconciliation Statement
5 mark question?
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Answer:
BRS is prepared on a periodical basis for checking that bank related transactions are recorded properly in the cash book's bank column and also by the bank in their books. BRS helps to detect errors in recording transactions and determining the exact bank balance as on a specified date.