Categories: Lesson Notes

SS1 First Term Financial Accounting Lesson Note – Bank Reconciliation

The content is just an excerpt from the complete note for SS1 First Term Financial Accounting Lesson Note – Bank Reconciliation. Check below to download the complete DOCUMENT

WEEK TEN (10)      

TOPIC: BANK RECOCILIATION

CONTENTS:

  • Interpretation of bank Statement
  • Adjustment of Cash Book
  • Bank reconciliation

SUB-TOPIC: INTERPRETATION OF BANK STATEMENTS

TREATMENT OF BANK RECONCILIATION

  • Starting with the balance as per Cash Book
  • Starting with the balance as per Bank Statement
  • Adjustment of the cash Book and preparation of Bank reconciliation Statement
  1. METHOD 1. Starting with Cash balance:

When the Cash book balance is used, Unpresented cheques, credit transfer and dividend are added while uncredited cheques, bank charges, standing order, dishonoured cheque are deducted.

 

EXAMPLE 1: FORMAT on Balance as per Cash Book

N                    N

Balance as per Cash Book                                                                              ×××

Add: unpresented cheque                                                       ×××                                                     Dividend                                                                     ×××                                                     Credit Transfer                                                           ×××                 ×××                                                                                                                                         ×××

less: uncredited cheques                                                         ×××                                                     Bank Charges                                                             ×××                                                     Dishonoured cheques                                                 ×××                                                     Standing order                                                             ×××                 (×××)   Balance as per Bank Statement                                                          ×××

To gain full access to the note: DOWNLOAD FILE

Sunday

Share
Published by
Sunday

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

2 months ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

2 months ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

2 months ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

2 months ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

2 months ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

2 months ago