With respect to the concept of Bank Reconciliation Statement (BRS), which of the following statements is correct?
1
BRS is the process of reconciling cash column of the cash book and bank column of the cash book.
2
There are 3 types of differences between the cash and pass book, namely timing, transactions and errors.
3
Overcasting of the debit side of the cash book is an example of a difference that is due to timing.
4
Debit balance in the cash book is same as overdraft as per the pass book.