Question

14) Discuss about BRS and its compoents in detail ?
[Provide detail explanation and type your answer and do not copy the answer from chegg study ]

Answer 1

Solution:

BRS discuss about differences between book balance and bank statement of bank account:

Statement of Bank Reconciliation Statement:

Bank Reconciliation Statement
Cash balance according to bank statement		$                 -
Add:
Deposit in transit	$               -
Bank Errors that understate the bank statement balance	$               -	$                 -
Deduct:
Outstanding Checks	$               -
Bank Errors that overstate the bank statement balance	$               -	$                 -
Adjusted cash balance per bank		$                 -
Cash balance according to company`s records		$                 -
Add:
Bank credit and collection	$               -
Book Errors that understate the book balance	$               -	$                 -
Deduct:
Bank Charges	$               -
Book Errors that overstate the book balance	$               -	$                 -
Adjusted cash balance per books		$                 -