there is a payment for which chq is issued in march but cleared in April.
Which bank balance should reflect in balance sheet? balance as per bank book maintained by client or bal as per bank statement ?
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bank reconciliation
Replies (3)
Hi..!!
You can show balance as per bank book maintained by the client since the liability has been reduced on the same also you have verified the subsequent clearance of the same.
On the other hand you can increase back the liability and can show cheque in transit.!!
i be done the 1st option and showed bal as per bank book. but the auditor is stressing that the bal must match as per bank statement only which i disagreed as i ve shown reco statement...pls tel me if im wrong
You are exactly correct...
Ask the details why auditor will shown as per bank statement.
Also check out OB is which based..!
Ask the details why auditor will shown as per bank statement.
Also check out OB is which based..!
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