Assistant Accountant Question:
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Explain me what are the reasons for the difference in the balances as shown by the cash book and the pass book?
Answer:
☛ Cheques deposited into the bank but not yet collected and credited.
☛ Cheques issued but not yet presented for payment.
☛ Bank Charges.
☛ Amount collected or credited by bank on standing instructions.
☛ Amount paid or debited by the bank on standing instructions.
☛ Interest credited by bank.
☛ Interest debited by bank on overdraft.
☛ Direct payment by customers into the bank account.
☛ Dishonour of cheques or bills.
☛ Errors in recording of transactions by either the firm or the bank.
☛ Cheques issued but not yet presented for payment.
☛ Bank Charges.
☛ Amount collected or credited by bank on standing instructions.
☛ Amount paid or debited by the bank on standing instructions.
☛ Interest credited by bank.
☛ Interest debited by bank on overdraft.
☛ Direct payment by customers into the bank account.
☛ Dishonour of cheques or bills.
☛ Errors in recording of transactions by either the firm or the bank.
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