State various causes of disagreement between the balances shown by the

Question

State various causes of disagreement between the balances shown by the Cash Book and Pass Book. Explain the procedure of preparing a Bank Reconciliation Statement.

01 Dec 2020

Answer :

Word Count : 530

Causes of Disagreement between Cash Book and Pass Book Balances:

Discrepancies between the balances shown in the Cash Book and Pass Book can arise due to various reasons. It's crucial to identify these causes to rectify the differences accurately. Here are some common causes:

1. Time Lags: Transactions take time to be recorded in both the Cash Book and Pass Book. Delays in recording may lead to differences, especially when transactions occur near the statement cut-off date.

2. Cheques Issued but Not Yet Presented: When a business issues cheques, the Cash Book records the transaction immediately. However, the Pass Book will only reflect the transaction when the recipient presents and the bank clears the cheque. This can result in a time lag between the two records.

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