Eco-10 Solved Assignment 2014-15

 

2. Unfavourable balance/overdraft balance

(a) Credit balance as per cash book (i.e. overdraft) is given and the balance

as per pass book is to be ascertained. (b) Debit balance as per pass book (i.e. overdraft) is given and the balance

as per cash book is to be ascertained. The following steps are taken to prepare the bank reconciliation statement:

(i) Favourable balances:

When debit balance as per cash book or credit

balance as per pass book is given: (a) Take balance as a starting point say Balance as per Cash Book. (b) Add all transactions that have resulted in increasing the balance

of the pass book. (c) Deduct all transactions that have resulted in decreasing the

balance of pass book. (d) Extract the net balance shown by the statement which should be

the same as shown in the pass book. In case balance as per pass book is taken as starting point all transactions

that have resulted in increasing the balance of the Cash book will be added

and all transactions that have resulted in decreasing the balance of Cash

book will be deducted. Now extract the net balance shown by the statement

which should be the same as per the Cash book. (ii) Unfavourable Balance/Overdraft: Sometimes a businessman withdraws excess amount from the bank account

and the closing bank balance of a month is a debit balance. This balance

amount is called ‘overdraft balance’ as per Pass Book. This is shown in

the cash book as a credit balance.

Overdraft balance is to be shown in the minus column of statement as the starting point. The other steps shall remain the same as mentioned above. The following illustration helps to understand dealing with the unfavourable balance as per cash book and pass book.

Illustration.1.

 On December 31, 2013, the cash book of the M/s. X shows the credit balance Rs.6, 500. Cheques amounting to Rs.3, 500 deposited into bank but were not collected by the bank. Firm issued cheques of Rs. 1,000 which were not presented for payment. There was a debit in the pass book of Rs.200 for interest and Rs.400 for bank charges. Prepare Bank Reconciliation Statement.

Solution: Bank Reconciliation of M/s. X as on 31

st

 Dec, 2013

Particulars

Plus (Amount)Minus (Amount)Overdraft as per cash book

1. Cheque issued but not presented for payment 2. Cheque deposited but not credited by bank 3. Bank charges and Interest charged

Overdraft as per pass book

1,0009,6006,5003,500600 10,60010,600

Illustration.2.

Prepare Bank Reconciliation Statement of M/s. X on 31

st

 Dec, 2013, from the

following information: Overdraft as per pass book 16,500

,

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