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ANS 1
Bank Reconciliation statement is a statement which explains how the bank statements can be made to agree with the company's ledger. As it is prepared in order to attest the accuracy and completeness of cash book records. So in order to maintain accuracy and completeness of books, for detecting errors and omissions, frauds, embezzlement of cash or cheques and as a check to internal control system Bank Reconciliation statement is made.
ANS 2
RESERVE is an appropriation of profits for a specific purpose. Like Capital reserve, general reserve etc.
PROVISION is a charge against profit for an estimated expense. Like Provision for bad debts, Provision for depreciation etc.
ANS 3
Suspense Account is an imaginary account. Its nature is not certain. The suspense account is a temporary account in which the difference in trial balance is placed and is wiped off when the errors are located and corrected.
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ANS 1
Bank Reconciliation statement is a statement which explains how the bank statements can be made to agree with the company's ledger. As it is prepared in order to attest the accuracy and completeness of cash book records. So in order to maintain accuracy and completeness of books, for detecting errors and omissions, frauds, embezzlement of cash or cheques and as a check to internal control system Bank Reconciliation statement is made.
ANS 2
RESERVE is an appropriation of profits for a specific purpose. Like Capital reserve, general reserve etc.
PROVISION is a charge against profit for an estimated expense. Like Provision for bad debts, Provision for depreciation etc.
ANS 3
Suspense Account is an imaginary account. Its nature is not certain. The suspense account is a temporary account in which the difference in trial balance is placed and is wiped off when the errors are located and corrected.
For remaining queries i request you to post them in separate threads to get rapid response from our experts.
Regards