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Class 11
Accountancy
Bank Reconciliation Statement
state the causes of difference occurred due to tim...

Question:
State the causes of difference occurred due to time lag.

Answer:

i) Cheques issued by the bank but not yet presented for payment.
ii) Cheques paid into the bank but not yet collected.
iii) Direct debits made by the bank on behalf of the customer.
iv) Amounts directly deposited in the bank account.
v) Interest and dividends collected by the bank.
vi) Direct payments made by the bank on behalf of the customers.
vii) Cheques deposited/bills discounted dishonoured.

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Mr. Sunrise started a business for buying and selling of stationery with ₹ 5,00,000 as an initial investment. Of which he paid ₹ 1,00,000 for furniture, ₹ 2,00,000 for buying stationery items. He employed a sales person and clerk. At the end of the month he paid ₹ 5,000 as their salaries. Out of the stationery bought he sold some stationery for ₹ 1,50,000 for cash and some other stationery for ₹ 1,00,000 on credit basis to Mr. Ravi. Subsequently, he bought stationery items of ₹ 1,50,000 from Mr. Peace. In the first week of next month there was a fire accident and he lost ₹ 30,000 worth of stationery. A part of the machinery, which cost ₹ 40,000, was sold for ₹ 45,000.

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Question:
State the causes of difference occurred due to time lag.

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Question: State the causes of difference occurred due to time lag.

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Question:
State the causes of difference occurred due to time lag.