Get the free Revision Exercise Bank Reconciliations 2 - Answer Bank

Revision Exercise Bank Reconciliations #2 Answer Bank Reconciliation as at 31/07/20YY $67,278.78 Closing Balance of the Bank Statement Plus Outstanding Deposit of 28/07/BY 1,650.00 Less Presented

How to fill out revision exercise bank reconciliations

How to fill out revision exercise bank reconciliations:

1. Gather all necessary documents and information, such as bank statements, company records, and transaction records.
2. Start by comparing the beginning balance on the bank statement with the beginning balance in your company records. Make sure they match.
3. Go through each transaction listed on the bank statement and compare it with your company records. Mark off each transaction that matches.
4. Identify any transactions that are listed on your company records but are not on the bank statement. These are called outstanding checks or deposits in transit.
5. Adjust the bank statement balance to account for outstanding checks or deposits in transit. Subtract any outstanding checks and add any deposits in transit to the bank statement balance.
6. Verify if there are any bank charges, fees, or interest listed on the bank statement that were not recorded in your company records. Make adjustments accordingly.
7. Total all the adjusted transactions and add them to the beginning balance. This should give you the ending balance on the bank statement.
8. Compare the ending balance on the bank statement with the ending balance in your company records. They should match.
9. Make notes of any discrepancies or errors that you come across during the reconciliation process. Investigate and correct these errors as needed.

Who needs revision exercise bank reconciliations?

1. Accounting students: Revision exercise bank reconciliations are beneficial for accounting students to practice and reinforce their understanding of bank reconciliation concepts and procedures.
2. Small business owners: Small business owners who handle their own bookkeeping can use revision exercise bank reconciliations to improve their financial management skills and ensure accurate records.
3. Accountants and bookkeepers: Professionals in the accounting and bookkeeping field can benefit from revision exercise bank reconciliations to sharpen their skills and stay updated with the latest practices in bank reconciliation.

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What is revision exercise bank reconciliations?

Revision exercise bank reconciliations are a process of reviewing and reconciling the discrepancies between a company's internal financial records and the bank statement to ensure accuracy and completeness.

Who is required to file revision exercise bank reconciliations?

All businesses that maintain bank accounts and conduct financial transactions are required to file revision exercise bank reconciliations.

How to fill out revision exercise bank reconciliations?

Revision exercise bank reconciliations can be filled out by comparing the ending balance on the bank statement with the ending balance in the company's general ledger, and adjusting for any outstanding checks, deposits, or bank fees.

What is the purpose of revision exercise bank reconciliations?

The purpose of revision exercise bank reconciliations is to ensure that the company's financial records accurately reflect its true financial position and to identify any errors or fraudulent activities.

What information must be reported on revision exercise bank reconciliations?

The information reported on revision exercise bank reconciliations includes the ending balance on the bank statement, the ending balance in the company's general ledger, any outstanding checks or deposits, and any bank fees.