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Session 13 Bank reconciliation
Main contents:
1.The bank reconciliations
2.Difference between the bank statement and the cash bank
3.Preparing a bank reconciliation
13.1 The bank reconciliation
To reconcile the difference between:
●The cash book balance – the business’ record of their bank account and
●The bank statement balance – the bank’s records of the bank account.
Note that debits and credits are reversed in bank statement because the bank will be recording the transaction from its point of view, in accordance with the business entity concept.
