Question

state the need for perparation of bank reconciliation statement?

Answer 1

it's here u can refer

Answer 2

BRS is very important tool for internal control of cash flow.

1) It helps to detect errors, fraud and irregularities occurred.

2) It brings out any errors that may have been committed either in cash book or in pass book.

3) Any undue deley in the clearance of cheques will be shown up by the reconciliation.

4) lt helps in finding out the actual position of the bank balance.

Hence it works as an important mechanism of internal control.