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Answer 1

Note :- Refer Attachment for Required Answer.

Bank Reconciliation statement :

• If every entry in the cash book matches with the bank statement, then bank balance will be the same in both the records. But, practically it may not be possible. When the balance do not agree with each other, the need for preparing a statement to explain the causes arrises. This statement is called bank reconciliation statement.
• The bank reconciliation statement is a statement that reconsiles the balance as per the bank column of cash book with the balance as per the bank statement by giving the reasons for such difference along with the amount.
• As a result of this, internal record of a business (bank column of cash) can be reconciled with external record.(bank statement)