NCERT Solutions Class 11 Accountancy Chapter 5 Bank Reconciliation Statement

Scroll down to download pdf file

NCERT Solutions class 11 Accountancy Chapter 5 Bank Reconciliation Statemen. NCERT book for Accountancy in class 11 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 11 Accountancy free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Accounts NCERT book questions and exercises.

Q1. State the need for the preparation of bank reconciliation statement?

Solution: The need and importance of the bank reconciliation statement are as follows:

 It ensures accuracy of the balances and records shown by the pass book and cash book.

 It detects the errors which might have occurred in a cash book in connection with bank transactions and helps in rectifying those errors.

 Regular preparation of bank reconciliation statement helps in prevention of frauds.

 It detects any undue delay caused during the recording of transactions or collection of cheques.

 This helps in taking appropriate action to prevent any further delay.

 It keeps a check on the accuracy of entries made in both the books.

 It helps in updating the cash book as per the pass book.

Q2. What is a bank overdraft?

Solution: When a firm or an account holder withdraws excess amount over the available bank balance, the account, then, runs a negative bank balance. The negative balance is called a bank overdraft. In other words, bank overdraft is the excess of withdrawals over deposits and is considered a liability to an account holder.

Q3. Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.

Solution: The statement ‘Wrongly debited by the bank’ is alleged when the bank wrongly debits the customer’s account. A wrong debit reduces the account balance of the customer. Wrong debits occur when a transaction is wrongly recorded or when incorrect amount is debited from an account. Such errors can occur in the following two cases:

 A person has more than one account in a bank: A cheque of Rs.4,000 issued from his/her savings account was wrongly paid through his/her current account.

 Amounts of cheques are wrongly recorded: A cheque payment of Rs.60,000 was wrongly debited in the pass book as Rs.6,000.

Please click on link below to download NCERT Solutions class 11 Accountancy Chapter 5 Bank Reconciliation Statement.


Click on the text For more study material for Accountancy please click here - Accountancy

Latest CBSE News

  • With the increasing number of new technologies and an increasing global population, self-study is growing. Education is no longer restricted to just the classroom. For high school self-study is very important because class 10 and class 12 sets the base for life. Also, self-studying habits help high school students in preparing for a more independent learning environment in college. Download...
  • Board exams play a very important role in our lives. It boosts our knowledge and also helps to know our status in academic life. Both class 10th and class 12th play a very significant role in a student’s life.It also helps inselecting the stream of their own choice. So that in later, they can’t regret their decisions. Board exams are key factors in determining the course of student’s careers....
  • As all you know, the results of most state boards declared till the month of June, all intermediate or higher secondary pass students should think that how to choose the best career option for a bright and successful future. While some young people want to become doctors or engineers, others want to be teachers. If you are one of the third students to graduate to qualify for BEd and other teacher...
  • The Central Board of Secondary Education (CBSE) has decided to drop some of the chapters from the class 10th Social Science book.  As per the new curriculum, the three chapters of political studies and two environmental texts are not included in the CBSE board examinations. However, these chapters are still teach in the classes. They are just separate from the CBSE board examinations.  Download...
  • “Education is what remains after one has forgotten what one has learned in school”-AlbertEinstein The statement is indeed true but doesn’t mistake it to be limited to academic education. It clearly implies both types of education-Academic and Non-Academic. Academic education nurtures the brain with the study related knowledge but non-academic helps to recognize the skills one possesses and...
  • As soon as the Central Board of Secondary Education (CBSE) result dates coming closer, rumours are also on the peak of its level. All the suppositions are meaningless because the board officials confirmed the declaration date of class 10th and class 12th results. This year CBSE class 10th and class 12th exams have started in the month of February and ended in the Ist week of April. As per the...
  • A computer has become very much important nowadays because it can perform tasks very easily, accurate and fast. Due to the increasing usage of computers, there are so many jobs available in enormous fields. If you are interested in working in fields of computers then these are the 3 main courses available for you i.e. BCA, B.TechComputer Science and B.Sc Computer Science. It may become confusing...