What BRS and what will be the journal entry for it?

Question

Accepted Answer

BRS stands for Bank Reconciliation Statement. The journal entry for it is to record the adjustments made in the bank balance.

BRS is a statement that compares the bank balance as per the bank statement with the balance as per the company's books.
The journal entry for BRS is made to record the adjustments made in the bank balance to reconcile it with the company's books.
For example, if there are outstanding checks or deposits in transit, they need to be adjusted in the bank balance.
The journal entry for such adjustments would be to debit or credit the appropriate account and balance the entry with the bank account.
The final journal entry would be to record the adjusted bank balance in the company's books.

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