Important Questions with Answers for CBSE Class 11 Accountancy Chapter 5 Bank Reconciliation statement which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter -5 Important Questions
Question 1
Define the bank reconciliation statement
Answer: Bank Reconciliation Statement is a record book of the transactions of a bank account. It reconciles the difference between the company’s cash book and bank balance.
Question 2
What do you mean by a debit balance in Passbook?
Answer: The debit balance in passbook means overdraft.
Question 3
State two reasons for the difference between the company’s cash book and bank balance
Answer: The two reasons for the difference between the company’s cash book and bank balance
- Bank issued cheque but not yet deposited for payment
- Paid cheque in the bank but yet not cleared
Question 4
Why is the bank reconciliation statement important?
Answer: The bank reconciliation statement is important to determine the cause for the difference made on the part of the bank or customers side.
Question 5
Which balance is caused an overdraft of cash book and passbook?
Answer: Cash book Cr. and Passbook Dr. balances.
Question 6
Mention two items drafted in a plus column while starting with a debit balance of cash book.
Answer: The two items drafted in a plus column while starting with a debit balance of cash book are.
- Bank issued cheque but not yet deposited for payment
- Interest allowed by the bank but not recorded in the cash book
Question 7
Mention two items drafted in a minus column while starting with a debit balance of cash book.
Answer: The two items drafted in a minus column while starting with a debit balance of cash book are.
- Paid cheque in the bank but yet not cleared
- Bank made direct payment from the customer’s side
Question 8
Mention two items drafted in a minus column while starting with an overdraft balance of cash book.
Answer: The two items drafted in a minus column while starting with an overdraft balance of cash book are.
- Paid cheque in the bank but yet not cleared
- Bank made direct payment from the customer’s side
Question 9
Mention two items drafted in a plus column while starting with an overdraft balance of cash book.
Answer: The two items drafted in a plus column while starting with an overdraft balance of cash book are.
- Bank-issued cheque but not yet deposited for payment
- Interest allowed by the bank but not recorded in the cash book
Question 10
A bank reconciliation statement is
1. A part of Cash Book
2. A part of Pass Book
3. A statement prepared by the bank
4. A statement prepared by the customer
Answer:Â 4. A statement prepared by the customer
Question 11
A Pass Book is a copy of
1. A customer’s account in the bank’s book
2. Cash book relating to bank column
3. Cash book relating to cash column
4. Firm’s receipts and payments
Answer: 1. A customer’s account in the bank’s book
Question 12
A bank reconciliation statement is prepared with the balance of
1. Cash book
2. Passbook
3. Either Cashbook or Pass Book
4. Neither Cashbook nor Pass Book
Answer: 3. Either Cashbook or Pass Book
Question 13
A bank reconciliation statement is prepared by
1. Bank
2. Customers of the Bank
3. Creditors
4. Auditors
Answer: 2. Customers of the Bank
Question 14
Which of the statement is not a part of the Double Entry System
1. Cash Book
2. Trial Balance
3. Journal
4. Bank Reconciliation Statement
Answer: 4. Bank Reconciliation Statement
Question 15
A debit balance in passbook is defined as an overdraft. Is it true or false?
Answer: True
The above mentioned is the concept, that is elucidated in detail about ‘Bank Reconciliation statement’ for the Commerce students. To know more, stay tuned to BYJU’S.
Also Check:Â Important Questions Chapter 6 Trial Balance and Rectification of Errors
