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BRS & Errors

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3 Hours

Course offered by Vijayakumar V

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This course is designed to master the two important chapters for grade 11 Financial Accounting.

 

Below are the broad course contents.

 

1. Bank reconciliation statement(BRS):

 

Meaning of BRS : A statement prepared to reconcile the bank balance as per cash book with the balance as per passbook or bank statement, by showing the items of difference between the two accounts. A practical case will be discussed to strengthen the knowledge base of students.

 

Need for reconciliation 

 

Causes of difference between cash book and pass book

 

Differences caused by errors in accounting records

 

Preparation of BRS

 

Dealing with Bank overdraft

 

2. Rectification of Errors:

 

Meaning of errors in accounting records

 

Classification of errors

 

     . Errors of Commission : Errors caused due to wrong recording of a transaction, wrong totaling,  wrong casting,  wrong balancing, etc

 

     . Errors of omission : Errors caused due to omission of recording a transaction entirely or partly in the books of account

 

     . Errors of principle : Errors arising due to wrong classification of receipts and payments between revenue and capital receipts and revenue and capital expenditure

 

     . Compensating errors : Two or more errors committed in such a way that they nullify the effect of each other on the debits and credits.

 

Rectification of errors 

 

Suspense account - need and importance 

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About the Trainer

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8 Students

27 Courses

Vijayakumar V

B.Com, Chartered Accountant and Dip in Banking & Finance

15 Years of Experience

The Trainer is a passionate teacher and has rich experience in Financial accounting and related practices. He was a full time senior lecturer in a reputed institution for 5 continuous years, teaching online and offline to students from class 10 to PhD for 15 years.

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