Question

what is meant by bank reconciliation statement?

Answer 1

it is the statement that the rectify the difference between cash book and pass book . the entry will be passed in bank cash book is reconcile with the customers pass book.

Answer 2

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.