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From Financial Accounting
Sales A/c has been short credited by ₹450 (₹9,500 − ₹9,050). Since trial balance was prepared, the difference would have gone to suspense account. Rectification entry is:
Suspense A/c Dr. ₹450 To Sales A/c ₹450
Cash A/c Dr. ₹8,000 To Sales A/c ₹8,000
Bank Reconciliation Statement (BRS) is prepared to reconcile the bank balance as per cash book with the bank balance as per pass book on a given date. It is necessary because both records are maintained by different parties and certain items are recorded at different times.
Major causes of differences include: cheques issued but not yet presented for payment; cheques deposited but not yet collected; bank charges and interest debited by bank; interest and collections credited by bank; direct deposits by customers; direct payments by bank; dishonour of cheques; and errors in recording. BRS identifies these items and adjusts them so that both balances can be matched.