What is the primary purpose of a bank reconciliation? a. to ensure that for all cash transactions debits equal credits. b. to ensure the bank balance per reconciliation is equal to the company balance per reconciliation. c. to ensure cash receipts are greater than cash disbursements. d. to ensure that customers are paying amounts owed on a timely basis.

B

B To ensure that Bank Balance as per reconcialition is equal to company balance as per reconciliation

Explanation:

BRS is a accounts report which attempts to eliminate any deviations (if there) between bank balance as per firm's accounting records (cash book - bank column) and bank statement (pasbook)

This deviation can be because of many reasons .

Eg -Deposits in transits (cheques presented / deposited but not debited / credited) , Bank fees / interest (debited/ credited but not recorded) etc

This is prepared on a particular point of time - specified date (end of month , year)

In this statement - we start off from the balance given of either book (cash/pass book) and pass the correction entries which have lead to the discrepancy , to arrive at the other book's correct matched balance.

The balances can be favourable balance as per Cashbook (Dr) , as per Pasbook (Cr)

or Unfavourable i.e Overdraft balance as per Cashbook (Cr) , as per Passbook (Dr)

answer; interviews;

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