Bank Figure in Balance Sheet

This query is : Resolved

Manasa Ranjan Samal (Querist)
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22 June 2009 Madam/Sir
On dtd.31.03.09, the balance of a bank is Rs.47589554.37 but in the computer it shows Rs.46037430.17 a cheque of Rs.1552124.2 deposited in bank but not cleared which figure will show in Balance Sheet (i.e., the figure of Bank Statement or Computer). Plz. reply.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 June 2009 Bank balance reflected in the books of accounts, whether manual or computerized,is to be considered in balance sheet according to basic accounting principles. For the difference between that figure and bank statement figure usually accountants prepare a statement called 'bank reconciliation statement'to be kept in company's records for future verification or to produce before authorities if called for.

CA. Dashrath Maheshwari

CA. Dashrath Maheshwari (Expert)
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22 June 2009 What is your account balance the other party showing, don't have concern for preparation of Your Final Accounts.
But there should be reconciliation between both the accounts and unreconciled entries should be crystallizing in near future.
Technically, there is no difference between a banks balance in our books AND other parties balance in our books.

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