Question

needs an explaination for Bank statement , how it is calculated and how we maintain customer bank account debit/credit

Answer 1

Bank statement is a statement given by financial institutions which includes all the transactions made by a person or company within a given period for each bank account held by such person. It shows the opening balance , deposits, withdrawal and closing balance in bank account.

A bank reconciliation statement reconciles a company's bank account with its financial records. It confirms that the payments which are to be made are done and cash collections have been deposited in the bank account. Bank reconciliation procedure is that using the cash balance in the bank statement, add back the deposits which is in transit and then subtract any outstanding cheques which gives the adjusted bank balance. On Then use the company's ending cash balance and add any interest earned and notes receivable account which gives the adjused company cash balance. After recomciliation, the adjusted bank balance should match with adjusted cash balance.
In case of bank customers, if the bank account is credited then it means the transaction will increase our bank balance and likewise if bank account is debited then it means the transaction will decrease our bank balance.
In case of company customers, if the bank account in books is credited then it means the transaction decreases the bank balance and if the bank account in books is debited then it means the transaction increases the bank balance.