Hello,
Why do we need a bank reconciliation statement?
1) To know the correct balance of cash at the bank for recording in Trial balance and Balance sheet
2) Necessary adjustments in bank balance be made prior to the end of term
3) To know the errors, if any, in the record and to correct them in time
4) To complete the record in the cash book.
5) To know the entries regarding the collection of cheques or drafts paid into a bank
6) To check the entries regarding the payment of cheques issued
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