Insurance Premium Paid By Bank Brs

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DEFINITION: Bank reconciliation statement (BRS). Cheques paid into bank on trader's investments. xxxx . 6. Any wrong credit given by the bank in the passbook. xxxx . Less: 1. Cheques paid into bank for collection but not yet credited by bank. Life Insurance premium Rs. 2500 These were not recorded in cash book; Prepare a BRS as on 31st. (e) Insurance premium on car for ₹ 1,000 paid by the bank as per standing instruction not recorded in the cash book. Answer: Bank reconciliation statement of Raheem as on 31 st March, 2018. Question 7. From the following information, prepare bank reconciliation statement as on 31 st December, 2017 to find out the balance as per bank statement.

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prepare a BRS for the following 1.overdraft as per pass book-7600 2.cheques deposited but not collected by bank -8560 3.incidental charges paid by bank but not recorded in cash book -80 4.chques issued but not presented for payment-3400 5.insurance premium paid by bank not recorded in cash book-4200

Insurance premium paid by bank brs. Bank debited Rs. 20 for bank charges and credited Rs. 500 for dividend but the same were not recorded in the cash book. Bank paid insurance premium Rs. 350 and collected rent Rs. 500 but no entries were passed for them in the cash book. Prepare a bank reconciliation statement. Q7. On 31st Dec. the Pass Book shows a credit balance of Rs.5000. BRS in account : bank paid the insurance premium of 1200 where is go plus ya minus and reason . reply fast – 1087191 BRS from the following particulars Bank OD as per cash book rs. 80.000 Cheques deposited in bank but no entry was passed in the cash book rs. 3000, Cheques received but not sent to bank rs. 10.000. Credit side of bank column cash short rs. 1000. Insurance premium paid directly by bank as per standing advice rs. 5000,

Insurance premium paid by the bank ₹ 2,000. Bank interest credit by the bank ₹ 400. Bank charges ₹ 100. Directly deposited by a customer ₹ 4,000. Solution: Q4. Bank balance of ₹ 40,000 showed by the cash book of Atul on December 31, 2013. A company paid insurance premium on plant and machinery for Rs. 1,00,000 as date 1st June 2009. Now check the period of the policy document. The period is stipulated by the insurance policy is starting from 1st June 2009 to 31st May, 2010. Insurance premium paid directly by the bank but not entered in the Cash Book 600 . vi. Bank charges entered twice in the Cash book . 20. vii. Cheque issued but not presented for payment . 500. viii. Cheque received entered twice in the Cash Book. 1,000 . ix. Bill discounted and dishonoured but not entered in the Cash Book . 5,000 . x.

Prepare Bank Reconciliation Statement for the month of December, 2007 by missing method using T accounts (for cash book and for bank statement) and Reconciliation Statement: The cash book of M/S Universal Trading Company shows a cash book balance of Rs. 102,568 in Soneri bank Ltd. as of 31-12-2007. Click here👆to get an answer to your question ️ The cash book shows a bank balance of Rs.7,800. On comparing the cash book with pass book, the following discrepancies were notedi) Cheque deposited in bank not credited,Rs.3,000.ii) Cheque issued but not yet present for payment,Rs.1,500.iii) Insurance premium paid by the bank, Rs.2,000.iv) Bank interest credit by the bank, Rs.400.v) Bank. e) Bank paid LIC premium of 1500 as per standing instructions. 3. Prepare a BRS of Mr. Jayan as on 31st March 2015 from the following information: a) Balance as per pass book is 10000. b) Bank collected a cheque of 500 on behalf Jayan but wrongly credited to Jayant Account. c) Bank recorded a cash deposit of 2589 as 2598

Correct answers: 1 question: BRS from the following particulars Bank OD as per cash book rs. 80.000Cheques deposited in bank but no entry was passed in the cash book rs. 3000,Cheques received but not sent to bank rs. 10.000.Credit side of bank column cash short rs. 1000.Insurance premium paid directly by bank as per standing advice rs. 5000,Bank charges entered in cash book twice rs. 100.n. Amounts paid by the bank on behalf of the customer (organisation) like rent, insurance premium, etc. Some of these may be on account of a standing instruction. Amount paid towards clearing a bill payable by a cheque or by the bank directly on instructions to the bank. Amount payable towards the dishonour of a bill discounted. would stappear in the Bank Pass Book of A on 31 December, 2006. (1) the bank overdraft as per Cash Book on 31st December, 2006 Rs. 6,340. (2) Interest on overdraft stfor 6 months ending 31 December, 2006 Rs. 160 is entered in Pass Book. (3) Bank charges of Rs. 30 for the above paid are debited in the Pass Book.

(iv) A cheque of ₹ 1,200 was debited in the cash book but was not deposited in bank. (v) Insurance premium paid by bank ₹ 1,450. (vi) A bill of exchange for ₹ 6,200 which was discounted with bank, returned dishonoured but no entry was made in the cash book. (vii) Bank charges and interest charged by bank are ₹ 350. (iii)Rs 200 insurance premium paid by bank has not been entered in the cash book. (iv)Cheques drawn in the last week of December, 2005, but not cleared till date for Rs 3,000 and Rs 3,500. (v)Cheques deposited into bank on November, 2005, but yet to be credited on dated December 31, 2005 Rs 6,000. (vii)Wrongly debited by bank Rs 500. Answer : (a) A cheque of Rs 250 from Roy which was directly remitted to the Union Bank was not entered in Balan’s books. (b) A cheque for Rs 700 drawn on State Bank and paid to Sen & Co. was entered in Union Bank Account in Balan’s book. (c) Payment of Rs 1,020 by Union Bank to Life Insurance Corporation of India under a standing order was not recorded in Balan’s book.

Bank paid insurance premium of ₹ 5,000 but it was recorded as ₹ 500 in Cash Book. Prepare Bank Reconcilation Statement on 31st March, 2018. Solution: Question 6. Cash Book of a merchant showed bank balance of ₹ 23,000 on 31st March, 2018. On going through the Cash Book, it was found that two cheques for ₹ 5,000 and ₹ 7,000 deposited. An insurance premium paid by bank $200. It is not yet recorded in Cash Book. An outgoing cheque of $2,000 recorded twice in the Cash Book. It is properly recorded in the bank statement. Payment of a cheque of $400 recorded twice in PassBook. Dividends received $500 recorded only in the bank statements and not Cash Book. Question: BRS Transactions To Be Considered: 1. Overdraft As Per Passbook OMR 150,000 2. Interest On Overdraft OMR 1,000 3. Insurance Premium Paid By The Bank OMR 100 4. Cheque Issued But Not Presented For Payment OMR 3,250 5. Cheque Deposited But Not Yet Cleared OMR 3,000 6. Wrongly Debited By The Bank In The Passbook OMR 250 7.

7. Insurance premium ₹756 paid directly by bank under a standing order. No entry made in cash-book. 8. A bill receivable for ₹1,530 discounted for ₹1,500 with the bank had been dishonoured on 30th March, 2017, but advice was received on 1st April, 2017. 9. Bank recorded a Cash deposit of ₹1,550 as ₹1,505. Cheque for Rs. 730.60 received from customer was returned to the bank owing to lack of funds with the bank. Bank service charge Rs. 90. In accordance with company’s standing instruction December 31, the bank paid insurance premium of Rs. 1,300 for the company’s car. The accountant did not record the transaction. Required: a. Any wrong credit given by bank in the Bank Statement Cheques paid into bank for collections but dishonored by the bank Standing instructions given to bank e.g. payment of insurance premium Bank Charges Cheques issued but omitted to be recorded in Cash Book Any wrong debit given by bank in the Bank Statement Credit Balance as per Cash Book Add Less

iv. As per instructions, the bank paid Rs.50 as Fire Insurance premium but the entry has not been made in the Cash Book. v. There was a debit in the Pass Book of Rs.15 in respect of bank charges and a credit of Rs.25 for interest on Current Account but no record exists in the Cash Book. Solution: Question 21.

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