Explanation

(a) Bank Reconciliation Statement: it is a statement prepared by a bank's current account holder on receipt of a bank statement. It is prepared to bring the firm's cash book (bank column) balance into an agreement with its bank statement balance.

(b) Reasons for preparing a bank reconciliation Statement: They are prepared in order to

i. ensure that individual payments and receipts on the bank statement are reflected in the bank column of the cash book.

ii. arrive at a basis for making any correction in the bank column of the cash book and the bank statement balance at a particular date.

iii. reconcile the balance per bank statement with the balance in the firm's cash book at a particular date

v. explain any difference between the balance as per the bank column of the cash book and the bank statement balance

(c) i. Unpresented Cheques 
- These are cheques already issued by a current holder to a named beneficiary and credit to the cash book.
- The named beneficiary is yet to take the cheque(s) to the bank for payment.

ii. Standing Order
- It is an instruction from a customer of a bank to his banker 
- The banker is directed to make certain regular payments out of his account to named persons or organizations. 

iii. Credit Transfer
-These are payments made directly into a customer's account in the bank.
- They are made by third parties.

• How can I get better at wave length 😭? Answer this

  2 Answers   ·   Physics   ·   3 days ago
• What can i study with 155 score in science course? Answer this

  4 Answers   ·   Biology   ·   3 days ago
• is OOU post utme form out yet? Answer this

  1 Answers   ·   3 days ago