Question

Bank Reconciliation statement is prepared in the books of:
(a) Bank
(b) Guarantor
(c) Account Holder
(d) Government

Answer 1

Answer:

Option (c) Account Holder

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Answer 2

(c) Bank Reconciliation statement is prepared in the books of an Account Holder

• The BRS is prepared from time to time to check that the transactions relating to the Bank are properly recorded in the Bank column of the Cash Book and by the Bank in its books.
• BRS helps in detecting errors in the recording of transactions and in determining the exact bank balance as on a specified date.

• It is generally felt that when a comparison is made between the bank balances shown in the cash book of the firm, both the balances do not match. Therefore, first finding out the reasons for their difference and then reflecting them in a statement called bank reconciliation statement to reconcile the two balances.
• It is the process of matching the balance in an entity's accounting record to the relevant information on a bank statement for a cash account.
• Bank reconciliation statement is prepared by the business enterprises.